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      Cardano price prediction to $1 – Why is ADA bullish? - Stocks Telegraph

      By Muskan

      Published on

      July 26, 2021

      7:38 AM UTC

      Cardano price prediction to $1 – Why is ADA bullish? - Stocks Telegraph

      As the cryptocurrency market turned bullish, so did most of the cryptocurrencies. Cardano has also begun showing a bullish move to the upside as the bulls regain their position in the market. The cryptocurrency – although bullish – has not started off on an uptrend and the trend, at large, still appears to be to the downside. At the time of writing, ADA coin stands at a price level of $1.40. The price has increased by 14% in the past twenty-four hours while the weekly performance has surged by 17%. The daily trading volume of the fifth-largest cryptocurrency has also increased by nearly 80%.

      Cardano price prediction

      The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, seventeen are suggesting a signal of buy with eight indicators standing at a neutral position and only one at a sell position. Both the oscillators and moving averages are bullish.

      A trader’s analysis has identified a possible trajectory for Cardano coin. Per the analysis, Cardano has been moving along a descending trendline; however, the recent bullish momentum has resulted in a break from the downward trendline. The cryptocurrency can find strong support at the price level of $1.04. Minor market corrections can also be expected from ADA coin as it retests the support at the descending trending but the price target at $1.60 appears to have been activated. If the price target is achieved, ADA can reach further high.

      What is pushing Cardano upwards?

      A mixture of technicals and recent developments may have boosted the bullish momentum of the cryptocurrency. But a large contribution can be attributed to the positive trend in the overall crypto market. Amazon had recently advertised job postings for cryptocurrency and blockchain. Subsequently, an anonymous source has revealed that the ecommerce giant has plans of accepting crypto payment with support for BTC, ETH, ADA, and BCH. Cardano founder, Charles Hoskinson, has revealed the development of a new upgrade for ADA. The new upgrade will enable Cardano to become compatible with web browsers and mobile applications.

      The boom of the crypto space and the upcoming developments of Cardano can definitely help the cryptocurrency cross the one-dollar mark and reach much higher.

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