Cardano Appears to Be on the Verge of a $1 Price Increase

　　Cardano has experienced a surge of buyers near the $0.92 level, which could signal the start of a bullish impulse.

　　Cardano appears to be trading near a critical support level, attracting a large number of buyers. As long as it maintains its current level, ADA has a possibility of recovering to $1.

　　Cardano Teases a Comeback

　　Cardano is maintaining its position above a big demand zone, and buy signals are beginning to materialize.

　　Over the last two weeks, ADA has retraced more than 26.5 percent. Profit-taking increased following Cardano's April 4 peak of $1.25, when prices fell to $0.92. Layer 1, which is vying for market share against Ethereum and Solana, is currently consolidating around this price position, indicating that a bullish impulse may be starting.

　　On ADA's daily chart, the Tom DeMark (TD) Sequential indicator has offered a buy signal. The bullish pattern took the form of a red nine candlestick, which indicates an ascent of one to four daily candlesticks. Increased upward pressure around present price levels should help validate the bullish perspective and push Cardano closer to $1.

　　Cardano's transaction history indicates that it has established a strong foundation at roughly $0.92. According to IntoTheBlock's In/Out of the Money Around Price (IOMAP) model, over 44,790 locations already purchased almost 6.8 billion ADA at this price point. The substantial demand zone may keep prices from falling further, so confirming the optimistic argument.

　　Nonetheless, a positive impulse around present prices may run into heavy resistance at $1, where 241,000 addresses possess over 4 billion ADA. A daily candlestick close above this resistance level could signal the start of higher highs.

　　Notably, Cardano must avoid printing a daily close below $0.92, since this would result in investors liquidating their long positions. If this support level is breached, ADA may suffer a sell-off to $0.80 or lower.

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