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Recent indications suggest that Cardano is sustaining bullish sentiment despite September's dull start. According to Cardano blockchain explorer cexplorer, Cardano (ADA) now has the sixth most positive community sentiment in the crypto market. It has shared a screenshot that highlighted crypto assets with the most bullish sentiment, with Cardano sitting in the sixth spot.
The Cardano explorer highlighted that 88.4% of voters on CoinMarketCap leaned bullish, hinting at expectations of a price rise. The next price target for Cardano remains $1, a level which ADA has only attained a few times this year.
In January, Cardano saw multiple retests at the $1 level, but this failed to hold as bulls lost momentum. In March, Cardano had a retest of the $1 level after the initial announcement of a crypto strategic reserve, but a similar fate befell the price as bulls encountered resistance.
Building on a rally that began in late June from a low of $0.51, Cardano reached $1.01 on Aug. 14. The price declined thereafter, with ADA reaching $0.782 on Sept. 1 amid continued profit-taking in the market.
What's next?
Cardano is sustaining gains after a sharp rise in Tuesday's session. At the time of writing, ADA was trading up 2.64% in the last 24 hours to $0.834. Cardano's price is currently seeking to sustain above the daily SMA 50 at $0.829 after earlier dropping below it. If this is achieved, ADA would seek to surmount resistance in the range between $0.96 and $0.983 before aiming for $1.
On the other hand, support is envisaged at $0.726 for Cardano in the event of a drop. Meanwhile, the Cardano ecosystem continues to grow with the most recent count of projects building on the blockchain reaching 2,009.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team