Cardano Price Finds $0.700 Support to Strengthen Upward Traction

Cardano price stayed up for the second successive session on Friday, trading at $0.714 at the time of writing after rising by 1.4% on the daily chart. The coin has struggled to build upward momentum in the last week, having declined by 0.5% in that period.

However, the uptrend will likely stay in play in the near-term going by the 8.5% spike in the trading volume in the last 24 hours. In addition, the Moving Average Convergence Divergence (MACD) indicator reading is above the signal line, affirming the likelihood of extended gains.

Furthermore, ADA price is up nearly 40% from its April lows of $0.510, affirming the upward shift in investor sentiment. Meanwhile, Bloomberg analysts have this week reported that chances of approval of Cardano spot ETF stand at 75% by the end of 2025.

In addition, the value of Cardano’s open interest contracts rose by 1.83% in the last 24 hours. These factors add propulsion to Cardano price in the near and medium-term. However, its DeFi performance has declined significantly in recent days, with its Total Value Locked (TVL) having gone down by 1.73% in the last seven days. Looking ahead, ADA will need to stay above $0.700 to maintain traction for its recent upward trajectory.

Cardano Price Prediction

Cardano price pivots at $0.704 and action above that level favours the buyers to stay in control. That momentum will likely meet its first resistance at $0.716. However, an extended control by the buyers will clear that hurdle and could take the price action higher to test $727.

On the other hand, the momentum could shift to the downside if ADAUSD breaks below $0.704. That will likely see the first support established at $0.692. The upward narrative will be invalid if the price breaks below that level. Also, such momentum could extend the decline to test the second support at $0.682.

The post Cardano Price Finds $0.700 Support to Strengthen Upward Traction appeared first in UK on InvestingCube.