Main meals
Cardano came out of long -term declining tension with user activity and bullish technical momentum. However, restoring and holding $ 0.7468 is the test, as $ 1 returned on the horizon.
Cardano [ADA] It continued to get traction as both liquidity and interest rose, especially during the past week. During this period, ADA has gained 26 % and added another 2.67 % in the past 24 hours.
Market analysis has shown strong potential for the upward trend to continue. However, with the upcoming resistance, the question remains – can Ada pass?
Will ADA keep up?
ADA has achieved a significant upward recovery over the past 24 hours, which violated the upper limits of the descending canal style.
This pattern, which was identified by resistance and descending support lines, witnessed the trend of ADA prices less for several months, as it decreased from a height of $ 1.32 to $ 0.74.
Historically, the collapse above this structure indicates a possible start of gathering. In this case, the analysis suggested that ADA may restore one dollar area and may move higher.
Source: TradingView
However, there is an obstacle. To keep this penetration, Ada must overcome the resistance at $ 0.7468, which may attract the pressure pressure strong enough to pull the price down.
In fact, failure to break this level can pushing the original again to the descending structure.
However, if the momentum continues, the original may climb to a scope of 0.95 – 1.12 dollars, with $ 1.22 as an extended goal, for all TradingView forecast.
User growth gives bulls more fuel
The activity on the series has strengthened this upscale state.
Daily active users (DAU) rose to 27,000, which represents a new rise since late May, according to Artemis. In fact, the number of transactions also jumped over 38,000, which is another multiple peak.
Source: Artemis
This increases the benefit of signaling, indicating that more users are actively dealing with ADA. This rise in use enhances the issue of continuous price growth.
Technical indicators also support this bullish narration, which confirms the ups and liquidity in the market.
Confirm the flow of liquidity direction
Support this step further, the average trend index (ADX) reached 27.64.
This indicates that the directional trend is strong. Historically, ADX emphasizes above 25 reliable momentum.
Source: TradingView
Moreover, the money flow index (MFI) was at 73.64. Place this Ada in the upper range of the 50-80 region, usually associated with strong capital flows.
Combating, the two indicators indicated an increase in the condemnation of Jupiter and liquidity.
