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Cardano price recent fluctuations have led to anticipation regarding the possibility of a movement of the token’s price above the $1 level.
ADA position and performance are being closely monitored as the cryptocurrency market remains volatile.
Cardano Market Cap Fluctuates
Notably, Cardano market capitalization stands at $25 Billion. This puts it among the leading cryptocurrencies as it swaps places with Doge to become the 8th largest cryptocurrency.
In addition, the constant competition with Dogecoin has volatilely impacted ADA position in the market.
Market cap fluctuations are also a result of investors’ activities or changes in their sentiment and other macro factors affecting the cryptocurrency space.
The ongoing stability of Bitcoin prices above $84,000 strengthens traders’ and analysts’ interest in watching ADA performance.
Cardano Price Consolidation, Potential Breakout Ahead?
Over the past weeks, Cardano’s price movement has stayed between $0.66 and $0.77.
The price consolidation phase has limited ADA movements, while specific technical indicators signal upcoming price expansion.
The Fibonacci retracement tool shows the crucial levels of $0.66 and $0.77, as per the 38.2% and 50% of the retracement.
The Bollinger Bands also clearly indicate that volatility and momentum are currently contracting.
This may indicate a tendency for price movement to a higher level once the breakout has been triggered.
Currently, Cardano price is capped by the 20-day SMA, which lies alongside the Bollinger Bands midline.
Despite the ongoing negative trend in moving averages, the MACD and signal lines indicate signs of a bullish crossover, hinting at a possible upward trend.
Social Sentiment for Cardano Reaches 4-Month High
More so, recent social sentiment research has revealed Cardano has experienced a better reception among its audience.
Santiment’s on-chain analytics platform has detected substantial growth in user-made positive statements about ADA cryptocurrency.
Additionally, the SEC’s acknowledgment of Cardano’s scope for government service capabilities drove up positive market sentiment about the project.
The recent shift in social media sentiment has created 3.5 positive comments for each negative comment, representing the highest ratio since October and November last year.
Rising sentiment across ADA generally stimulates market demand, which can push prices upward.
The ongoing positive trend indicates growing investor interest, which could result in ADA surpassing the $1 price level.
Meanwhile, recent analysis indicates Cardano shows renewed optimism through growing Open Interest data, yet the broader market suffers from declining investor interest.
Some analysts predict the rising ADA futures will fail to maintain price recovery.
Although ADA shows potential to overcome vital resistance points, the market uncertainty regarding an abrupt price reversal assures investors will proceed cautiously.
At press time, the ADA price was trading at $0.7113, up 0.20% in the last 24 hours. The price shows a strong upward movement, with support at $0.70 and resistance near $0.74.
