- Cardano price rose 11% as the broader cryptocurrency market flipped bullish.
- ADA rallied as Bitcoin broke above $94k and top alts jumped.
- The technical picture suggests bulls could eye $1 in the short term.
Cardano (ADA) price is up as most altcoins gain amid a broader cryptocurrency market uptick.
ADA price has joined other top alts in riding a wave of bullish momentum, with its value climbing to above $0.70.
On Wednesday, April 23, Cardano’s price recorded an 11% surge. Volume rose more than 75% to over $1 billion.
The technical outlook is promising, and on-chain metrics point to growing confidence among investors.
With positive funding rates and increasing bullish bets, the question is whether ADA bulls can push the price back to the psychologically significant $1 mark.
On-chain data and ADA price outlook
On-chain data reveals a strong bullish bias for Cardano, driven by whale activity.
Whales have added to their ADA holdings significantly in the past month.
Major cohorts now hold over 12.67 billion, an accumulation spree that has come amid the latest price dip.
As whales capitalize on lower prices, boosting investor confidence, Cardano looks poised to explode.
Further supporting this optimism is Coinglass’s ADA long-to-short ratio, which stands at 1.06.
This is Cardano’s highest long-to-short ratio in over a month.
A ratio above one signals that more traders are betting on price increases, reflecting bullish market sentiment.
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Funding rates also signal growing bullish momentum.
ADA’s funding rate flipped positive and now sits at 0.0096%, the highest since February 22.
In the market, positive funding rates, where longs pay shorts, typically indicate bullish sentiment as more traders anticipate price gains.
This contrasts with a negative rate, which would suggest bearish expectations.
The current positive rate, combined with rising open interest, underscores the growing confidence in ADA’s potential for a price recovery.
Can ADA break the $1 barrier?
From a technical perspective, Cardano’s price action is encouraging.
After finding support at $0.50 on April 7, ADA rallied 21% over the next two weeks. It now trades above the key level of $0.67.
If bulls maintain this momentum and break above $0.71, ADA could target the weekly resistance at $0.75, with $1 as the next major milestone.
The Relative Strength Index (RSI) at 56, trending above the neutral 50 level, further supports this bullish outlook.
However, risks remain. A daily candlestick close below Monday’s low of $0.61 would invalidate the bullish thesis, potentially driving ADA back to the $0.50 support level.
The combination of whale accumulation, positive funding rates, and strong technicals suggests Cardano bulls are gearing up for a run at $1, but traders should remain vigilant for any signs of reversal.