Cardano price prediction: Are the Alcistas de Ada to the point of recovering $ 1?

• Cardano’s price rose 11% as the broader cryptocurrency market became bullish.
• Ada recovered when Bitcoin exceeded $ 94,000 and the main Altcoins jumped.
• The technical panorama suggests that the bullies could point to 1 dollar in the short term.

The price of Cardano (ADA) has risen, while most Altcoins benefit in the middle of a generalized rebound in the cryptocurrency market.

The price of Ada has joined other important altcoins in the wave of bunder impulse, with its value exceeding $ 0.70. On Wednesday, April 23, the price of Cardano registered an increase of 11%. The volume increased more than 75%, exceeding $ 1,000 million.

The technical panorama is promising and the on-chain metrics point to growing confidence among investors. With positive financing rates and an increase in bullish bets, the question is whether Ada’s bulls can boost the price again to the psychologically significant brand of $ 1.

Chain data and ada price perspectives

On-chain data reveal a strong upward trend towards Cardano, driven by whale activity. These have significantly increased their ADA holdings during the last month.

The main cohorts now have more than 12,670 million, a massive accumulation that has occurred in the middle of the last price drop. As the whales take advantage of the price drop, promoting investor confidence, Cardano seems to be about to explode.

This optimism is reinforced by the relationship between long and short positions Coinglass Ada which is located at 1.06. This is the relationship between long and short higher positions in Cardano in more than a month.

A relationship superior to one indicates that more operators bet on price increases, which reflects a upward feeling of the market.

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Financing rates also indicate a growing bullish impulse. Ada’s financing rate changed positively and is now 0.0096%, its highest level since February 22.

In the market, positive financing rates, where long positions pay for shorts, usually indicate a bullish feeling, since more operators anticipate price increases. This contrasts with a negative rate, which would suggest bearish expectations.

The current positive rate, combined with the increase in open interest, underlines the growing confidence in ada price recovery potential.

Can adapt the 1 dollar barrier?

From a technical perspective, Cardano’s price is encouraging. After finding support in 0.50 $ on April 7, Ada rose 21 % during the next two weeks.

It currently lies above the key level of 0.67 $. If the bundles maintain this impulse and exceed $ 0.71, ADA could point to the weekly resistance of $ 0.75, with $ 1 as the next important milestone. The relative force index (RSI) in 56, with a trend above the neutral level of 50, further reinforces this upward perspective.

However, risks persist. A daily closure of candles below the minimum of Monday of $ 0.61 would invalidate the upward thesis, which could take Ada back to the support level of $ 0.50.

The combination of whale accumulation, positive financing rates and a solid technical analysis suggests that Cardano’s bulls are preparing for a rise to $ 1, but operators must be kept attentive to any reversal signal.