The Cardano price, from almost a month, is trending along the crucial support $1.01 failing to build extreme bullish momentum. Each time the asset attempts a jump, quickly dumps back to these levels and consolidates healthily. Currently, yet another plunge dragged the price much closer to the magic figure of $1.01. But still ADA price may not be bearish as it is predicted considering the current price rally.
No doubt the ADA price appears to have been cemented along the strong support levels, yet it is just a calm before the storm. The asset is primed to gain strength by accumulating healthily at these levels and kick-start the bull run towards the immediate target very close to $1.5 at $1.49. Here asset is feared to experience a slight pullback but the bullish momentum may be kept intact as the network activity is raising to new highs.
The Cardano blockchain activity or the transaction volume is improving day by day. Recently a couple of days before, the ADA transaction volume had spiked much above Bitcoin or Ethereum to record $35.14 billion. Despite slashing more than half the very next day, the volume is yet again intending to chase the previous highs.
Currently, the transaction volume is around $22 billion and has surpassed Ethereum’s volume which records just $7.25 billion. It is an inch close to surpassing Bitcoin’s volume yet again which is $33 billion at the press time. Therefore, the thriving network activity and the accumulating ADA price clearly manifest the upcoming bull run in the near future.
Source: https://coinpedia.org/price-analysis/cardanoada-price-may-get-triggered/