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Cardano (ADA) price inching towards $1: What’s next for ADA?

Cardano (ADA) is slowly inching towards the $1 price point, as well as its previous all-time high level of $1.23

Fundamentals and past price performance

Cardano has spent the majority of 2021 (ever since 2 January) trading upwards, with the uptrend picking up the pace in early February. The cryptocurrency has recently attempted to conquer the $1 price point, but failed. This reached a pullback that has sent ADA back to $0.686. However, Cardano is back and looking to conquer $1 once again.

Cardano’s fundamentals are currently amazing, with all the focus on smart contracts and transferability between Ethereum’s DeFi and the Cardano blockchain. On top of that, the Cardano network has increased exponentially in 2021, as Pieter Nierop pointed out on twitter:

Taking a look at its weekly performance, ADA has posted gains of 5.08%, falling behind both BTC’s gain of 14.95% and ETH’s 9.68% gain.

At the time of writing, ADA is trading for $0.945, which represents a 173.04% gain when compared to its previous month’s value. Cardano is currently the fourth-largest cryptocurrency by market cap, boasting a value of $29.42 billion.

ADA/USD daily chart price performance

Taking a look at the daily chart, Cardano’s price movement has changed direction to bullish once again on 15 February, after its price dropped to as low as $0.686. ADA quickly gained back its lost value (after finding support in the 21-day EMA and the 38.2% Fib retracement level of $0.67) and pushed back towards the $1 mark.

Cardano’s biggest hurdle towards the upside at the moment is the zone between $0.982 and $1. On the other hand, its nearest support is sitting at just under the $0.9 mark.

ADA/USD daily price chart. Source: TradingView

The technical overview shows Cardano’s daily RSI being deep into the overbought area, with its value currently sitting at 80.16.

 ADA/USD hourly chart price performance

Zooming in to the hourly timeframe we can see that Cardano has established its presence above the 23.6% Fib retracement level of $0.790, and pushed towards the upside slowly and without any bursts of volume. This steady attempt of price increases is the healthiest, and has the most chances of succeeding.

ADA/USD 1-hour chart. Source: TradingView

While ADA will surely conquer the $1 mark eventually, it is still unsure whether the cryptocurrency can break the $0.982 level right now.

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