Cardano Price Retains Key Support, ADA Bulls Push For $2

Unlike the trend observed earlier in the week, the Cardano (ADA) price shows stability after breaking the $0.8 resistance point. While not leading the altcoin trend, ADA price has remained in the spotlight, jumping by 1.75% in 24 hours to $0.82.

Cardano Price Heading Toward Key Resistance Point

The ADA/USDT 1D price chart shows a series of lower lows and lower highs created as volatility shapes sentiment. The coin has traded within two extremes in 24 hours. This features the jump from a low of $0.7963 to a high of $0.8270.

The breakout above the $0.82 mark is not yet considered a sustainable one, considering the historical record of pullbacks Cardano price has showcased in the past week. The ADA price will breach the resistance point at $0.83 with the current breakout.

Over the past month, the digital currency has not attempted to breach this price level since it fell below on February 2. Breaking this resistance is pivotal for ADA to sustain its momentum. Per an earlier ADA price analysis, holding this $0.8 range is important to either touch the $3 point or fall much lower. 

Sentiments remain optimal, setting the coin up a more bullish weekend ahead.

What is Driving ADA Price Sentiment?

Cardano is one of the few Ethereum-killers with impressive price action in recent times. Besides the shift toward community governance, the ecosystem is also hyped by the potential exchange-traded fund (ETF) that will track its price.

As reported earlier by CoinGape, the ADA ETF buzz from Grayscale Investments contributed to the massive price boost recorded earlier. Unlike Solana and XRP, which have multiple ETF products, this Grayscale filing marks the first spot for Cardano ETF.

However, Tuttle Capital filed for a 2X Leveraged ADA ETF product in January. The prospects of these new products have retained bullish sentiments for the coin.

Not Bullish Enough? ADA Whales Target $2 High

Despite the relative performance of ADA in the past month, which saw it jump 13.23% in the past week, bulls yearn for more.

The Cardano trading volume has jumped by more than 4% to $838.01 million. This metric indicates that investors remain active in the ecosystem, a trend that is largely good for Cardano’s price.

ADA whale activity has also kept up with the pace in recent times. Data from IntoTheBlock teases a 3% jump in large transactions in the past 24 hours, pegging traded ADA at $7.46 billion. Proponents believe investors are not bullish enough, considering the overall growth metrics.

Should ADA price breach its 52-week high of $1.318, analysts believe the $2 level is the next in line to watch out for.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.