Cardano price rose to one-week highs of $0.810 on Thursday, after rising by 7% on the daily chart. The coin’s 24-hour trading volume was up by 69% as of this writing, signifying the strengthening of the upward trend. In addition, ADA’s market capitalisation has grown by $1 billion in the last week to reach $28.28 billion, adding credence to the bullish undercurrent.
That said, the coin has failed to find traction above the $0.850 barrier since early March, and will likely stay subdued below that level, especially in the wake of Ethereum’s headline-grabbing resurgence. However, Bitcoin’s breach of the $110k mark has injected a FUD sentiment in the broader cryptocurrency market, and the resulting momentum could help ADA break past that resistance level. According to IntoTheBlock, ADA’s price correlation coefficient with Bitcoin is at 0.77, adding credence to that possibility.
Meanwhile, Coinanalyze data shows that the value of Cardano’s open interest contracts grew by 7.9% in the last 24 hours to reach $427.5 million. That underscores growing investor confidence in the coin’s future performance, which adds propulsion to its upside potential. Elsewhere, the Cardano chain DeFi TVL (Total Value Locked) rose by 3.9% in the last 24 hours to hit $371.59 million, according to DeFiLlama. That indicates increased utility, which augurs well for Cardano price.
Cardano Price Prediction
The momentum on Cardano price calls for further upside above $0.794. With the bulls in control, the coin will likely head higher and encounter the first hurdle at $0.806. A stronger momentum will clear that level and could push the price higher to test $0.816.
Conversely, the sellers will take control if the price breaks below $0.794. That will likely see initial support level established at $0.789. The upside narrative will be invalid if the price breaks below that mark. In addition, an extended control by the sellers could take the action lower to test $0.780.
