Cardano Price forecast: Will the ADA bulls soon take $ 1 back?

• The Cardano price rose by 11%when the wider cryptocurrency market became Bullish.
• Ada climbed when Bitcoin broke out over $ 94,000 and jumped the most important alternatives.
• The technical image indicates that the bulls could catch up with the 1 $ brand at short notice.

The price of Cardano (ADA) has increased because most old coins increase when the wider cryptocurrency market increases.

The ADA price, together with other important alternatives, has a wave of the bullish dynamics, whereby its value has increased to over $ 0.70.

On Wednesday, April 23, the Cardano price recorded an increase of 11%. The volume rose by more than 75% to over $ 1 billion.

The technical perspective is promising, and on-chain metrics indicate the growing trust of investors.

With positive funding rates and increasing bullish bets, the question arises whether the ADA bulls can drive the price back to the psychologically significant 1 $ brand.

on-chain data and ADA price view

The on-chain data show a strong pullish tendency for Cardano, which is driven by the activity of the whales.

whale took their ada stocks considerably last month.

Major Kohorten now hold over 12.67 billion ADA, a collection that took place during the last drop in prices.

Since the whales benefit from the low prices and strengthen the trust of investors, Cardano looks ready to explode.

Further support for this optimism offers the ada -long-short relationship of coing lass, which is at 1.06

This is the highest long-short ratio of Cardano for over a month.

A relationship of one signals that more dealers rely on price increases, which reflects the bullish market mood.

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The funding rates also signal growing bullish swing.

The Funding rate of ADA has changed into positive and is now 0.0096%, the highest since February 22nd.

On the market, positive funding rates, in which long positions pay short positions, typically indicate a bullish mood, as more traders expect pricing.

This is in contrast to a negative rate that would suggest bears expectations.

The current positive rate, combined with increasing open interest, underlines the growing trust in Adas potential for price recovery.

Can ada break the 1 $ barrier?

From a technical point of view, the price movement of Cardano is encouraging.

After support was found at $ 0.50 on April 7, Ada rose by 21%in the next two weeks. Now the key value of $ 0.67 is traded.

If the bulls maintain this swing and break out over $ 0.71, ADA could target the weekly resistance mark of $ 0.75, whereby $ 1 is the next important milestone.

The relative strength index (RSI) at 56, which tends above the neutral value of 50, supports these bullish views.

However, there are risks. A daily candle closure under the Monday depth of $ 0.61 would invalidate the Bullish theses and could drive ADA back to support $ 0.50.

The combination of whale accumulation, positive funding rates and strong technical indicators indicate that Cardano bulls are preparing for a start to $ 1, but the dealers should be vigilant for signs of a reversal.