Cardano’s Price Might Reclaim $1.20 in Days, Here’s Why

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It seems likely that Cardano (ADA) will return to around $1.20 in the coming days. According to CoinMarketCap, there’s been a slight increase of 2.83% in trading volume, reaching approximately $1.15 billion in the past day. Over this period, ADA’s price has moved within a relatively narrow range from a low of $1.07 to a high of $1.10, demonstrating its ability to maintain a stable price level.

Market dynamics supporting Cardano surge

Currently, ADA is being traded at $1.08, marking a 0.44% rise. This move brings the coin just $0.12 short of reaching the $1.20 threshold. With rising trading volumes, Bitcoin’s positive trend, and advancements within the ecosystem, analysts believe this target price is attainable based on the current market conditions.

Over the last month, the $1.20 barrier has been challenging for ADA to break through. Yet, it seems investors are prepared to fuel the upward trend by buying more of the coin, thereby surmounting this resistance level.

Experts predict that Cardano (ADA) could reach its intended target as long as the ongoing bullish trend maintains its strength. Furthermore, the surge in Bitcoin (BTC), the primary cryptocurrency, has also played a significant role in boosting ADA’s price growth.

Over the last week, Bitcoin has consistently climbed towards testing the $100,000 mark. Given its relationship with Bitcoin, it’s possible that Cardano (ADA) might follow suit and reach the previously unattained $1.20 price point due to Bitcoin’s ongoing surge.

Investor sentiment and ecosystem development

It’s worth mentioning that there’s growing involvement from active investors in the on-chain data, leading to a surge in Open Interest to its highest points yet. In essence, investors of Cardano are wagering on the coin, as futures traders are showing their commitment towards it.

Currently, the Cardano community is buzzing with activity as they eagerly await the utility update from Charles Hoskinson, the protocol’s founder. This year, Hoskinson has revealed that Cardano will reach new levels of success, focusing on decentralized governance and Bitcoin-centered DeFi projects.

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2025-01-06 18:15