- Summary:
- Cardano price has risen by 31 percent in the last week and Bitcoin's return to six figures amid talk of spot ETF approval has added propulsion
Cardano price hit three-week highs of $1.152 on Tuesday, before easing down to $1.082 at the time of writing. The coin has risen by 31% in the last week, making it one of the best-performing cryptocurrencies in the market. The coin’s upside is propelled by expectations of a spot ETF approval with some help from Bitcoin’s return above $100k.
A key development added fuel to ADA’s spot ETF talk after Grayscale re-included it in its Digital Large Market Fund (DLMF). The investment company removed the coin from DLMF in April 2024 and a return adds credence to the rising institutional confidence in Cardano price’s future performance.
The price upside is likely to continue, going by the 41% spike in ADA’s traded volume in the 24 hours preceding this writing. A rise in an asset’s traded volume during a price uptrend signals strengthening upward momentum, driven by investors’ willingness to pay more for the asset.
Also, Cardano price trades well above the Volume Weighted Moving Average (VWMA) which stood at $0.962 on the daily chart as of this writing. Meanwhile, Cardano chain’s DeFi performance has stayed on the upside in the last week, registering a 2.81% growth in Total Value Locked (TVL) in the last 24 hours. As the DeFi sector continues to show strong growth, altcoins like ADA will likely experience a significant uptick in their prices.
Cardano price prediction
Cardano price will likely continue on the upward trajectory as signalled by the RSI indicator. The asset currently pivots at $1.170. Immediate resistance could come at $1.115, but clearing that barrier could clear the path to rise higher and test $1.150.
Conversely, moving below $1.070 will favour the sellers to take control. That could send ADAUSD lower to find support at $1.040. The upside narrative will be invalid if the price breaks below that level. That could also accelerate the downward momentum to test $1.005.
