Cardano (ADA) Price Prediction & Analysis: This Price Will Trigger the Next Bull Run

TLDR

Cardano currently trading around $0.82 after 19% gain last week Inverted head and shoulders pattern suggests possible rally to $1.137 Open Interest in ADA futures near $1 billion shows strong market interest Brave browser added Cardano to its wallet, opening access to 85 million users Charles Hoskinson recently clarified the off-chain sweep process for unredeemed vouchers

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The price of Cardano has shown strong upward momentum in recent weeks. After climbing 19% last week and another 2% this week, ADA now trades at $0.82 as it tests the $0.837 resistance level.

Market analysts have identified an inverted head and shoulders pattern on the 4-hour chart. This pattern is widely considered bullish by traders.

The formation shows a neckline at the $0.75 zone. If Cardano breaks above the current resistance at $0.837, technical analysis suggests a potential rise of nearly 50% to $1.137.

Cardano (ADA) Price

This target isn’t random. It’s calculated by adding the pattern’s depth to the $0.75 neckline and happens to line up with Cardano’s previous peak at $1.137.

Traders should be aware of a minor resistance level at $0.983. This could create some price volatility as ADA approaches the key $1 psychological barrier.

Supporting the bullish case, the MACD indicator is preparing for a positive crossover with its signal line. This technical event often marks the start of a new uptrend.

The RSI recently fell from overbought territory to the midpoint line, leading to the current consolidation phase. However, it’s now forming a V-shaped reversal pattern from this level, hinting at new buying pressure entering the market.

Derivatives Market Shows Optimism

The futures market for Cardano is heating up. Open Interest has jumped 6.61% to reach $987 million, just shy of the major $1 billion mark.

This surge in Open Interest indicates that more traders are entering ADA futures positions. The direction is clearly bullish, as shown by the funding rate increasing to 0.0141%.

These metrics reveal that derivatives traders expect the upward price movement to continue. This kind of market sentiment often becomes a self-fulfilling prophecy in crypto markets.

Charles Hoskinson, the founder of Cardano, recently addressed community concerns about the redemption mechanism for unredeemed vouchers.

He explained that the move from an “on-chain process” to an “off-chain sweep” for unredeemed Genesis UTXOs was necessary for security and compliance reasons.

Hoskinson stressed that proper communication was maintained with affected voucher purchasers. He noted that wider public broadcasts were avoided to prevent scammers from targeting these buyers.

Brave Browser Expands Cardano’s Reach

A major development for Cardano’s ecosystem came with Brave browser’s recent integration of the blockchain into its built-in wallet.

Brave, known for its privacy features, has over 85 million users worldwide. All these users now have direct access to the Cardano blockchain through the browser’s multi-chain wallet.

This integration vastly expands the potential user base for Cardano. Since Brave users tend to be more tech-savvy and crypto-friendly than average internet users, this could lead to increased adoption of Cardano’s technology.

The market has not fully reacted to this news yet. This may present an opportunity for those who believe in the long-term impact of this partnership.

Several other projects are also strengthening Cardano’s ecosystem. BitcoinOS is working to position Cardano as a key DeFi side chain for Bitcoin.

Side-chain projects like Midgard and Midnight are being developed to enhance Cardano’s scalability and privacy features.

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