- Summary:
- Cardano price has reclaimed the one dollar support and key metrics signal an extended ascent amid rising probability of spot ETF approval.
Cardano price hit double-digit gains on Friday to reclaim a key support level. The coin traded at $1.080 after rising by 12.5% on the daily chart at the time of writing-outperforming all the top 100 cryptocurrencies. ADAUSD has risen by 25% in the last three days, underlining a strong bullish sentiment surrounding it.
What’s behind Cardano price upsurge?
A strong propulsion for ADA price has come from news of a potential spot ETF approval for the crypto coin this year. Also, the impending changes at the Securities and Regulatory Commission (SEC) could make ADA’s ETF journey smoother than pioneers like Bitcoin and Ethereum.
Meanwhile, the Internal Revenue Service (IRS) has delayed requirements for crypto reporting until 2026. The news is music to the ears of crypto investors and brokers, especially those who conduct their business on centralised exchanges (CEX).
Cardano price upside will likely stay in play as the asset’s traded volume rose significantly during Friday’s price surge. According to data from CoinMarketCap, the asset’s 24-hour traded volume was up by 18 percent at the time of writing, with 8.8 million ADA transacted.
Also, ADA recorded a sharp rise in the value of its open interest in the last 24 hours. According to Coinanalyze data, ADA’s perpetual contracts were up by 14.59% to hit $666.1 million while that of futures contracts rose by 16.99% to $3 million. That signals strong investor confidence that could help drive up Cardano price.
Cardano price prediction
Pivot: Cardano price pivots at 1.070 and the upside will prevail if action stays above that level. Otherwise, the sellers could take control of the market.
Resistance: The first resistance is likely to be at $1.100. Clearing that barrier could strengthen the momentum to test $1.125.
Support: Primary support will likely come at $1.045. Breaking below that level will invalidate the upside narrative. Furthermore, a stronger downward momentum could extend losses and test $1.020.
