Cardano $1 Dream Still Alive as ADA Retains 88.4% Bullish Sentiment

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.