The post Cardano Price Retakes $1, Bullish Sentiment Returns After a Month appeared on BitcoinEthereumNews.com.
Cardano (ADA) has shown resilience in preventing a massive drawdown, maintaining investors’ optimism through challenging market conditions. This stability is now reflected in ADA’s price recovery, with support from long-term holders (LTHs) playing a significant role. With their backing, ADA is poised for continued momentum in the coming weeks. Cardano Investors Support Recovery The MVRV Long/Short Ratio indicates that Cardano’s long-term holders are currently in profit. Known as the backbone of any crypto asset, this cohort’s HODLing behavior helps prevent sharp declines. Their resilience has been instrumental in ADA’s recovery, creating a stable foundation for further price increases. This consistent support from long-term holders has kept Cardano on track for a gradual rebound. By holding their positions, these investors have reduced selling pressure, allowing ADA to sustain its recovery and maintain market optimism. This dynamic is crucial for driving the altcoin’s positive price trajectory. Cardano MVRV Long/Short Ratio. Source: Santiment The overall macro momentum for Cardano is improving, as seen in the Moving Average Convergence Divergence (MACD) indicator. ADA recently experienced a bullish crossover, its first in nearly a month. This technical signal suggests a shift in market sentiment, favoring ADA’s price recovery in January. The bullish crossover reflects increasing investor confidence and a positive outlook for Cardano. As broader market conditions improve, ADA is well-positioned to capitalize on this renewed momentum. This shift in sentiment could help sustain the altcoin’s uptrend over the coming weeks. Cardano MACD. Source: TradingView ADA Price Prediction: Regaining Support Cardano’s price has surged by 11% in the past 24 hours, trading at $1.02 at the time of writing. By breaching the $1.00 resistance level, ADA has reignited investor optimism, signaling the potential for further gains. Holding this level is critical for maintaining market confidence. Support from ADA holders and favorable market cues could push the altcoin…