Despite a somewhat lackluster start to September, Cardano displays robust support among investors.
Positive Sentiment Among Investors
According to the Cardano blockchain explorer, Cexplorer, the cryptocurrency currently ranks sixth in positive community sentiment, with 88.4% of voters expressing bullish feelings on CoinMarketCap.
> "Cardano now has the 6th most positive sentiment in crypto. 88.4% of voters on CoinMarketCap are feeling bullish." — Cexplorer.io 🅰️
Price Expectations for Cardano
Cardano aims for the $1 mark, having struggled to hold it in the past. In January and March 2023, the price repeatedly tested $1 but failed to sustain above it. After initiating a rally from $0.51 in late June, the price reached $1.01 on August 14 but has since fallen to $0.782 by September 1.
Future of Cardano
Currently, Cardano is trading at $0.834, gaining 2.64% in the last 24 hours. If it can maintain above the 50-day SMA of $0.829, there is potential to break resistance levels of $0.96 to $0.983 while targeting the $1 mark again. On the downside, support is expected at $0.726.
With positive sentiment from investors, Cardano continues to expand its ecosystem, which now includes 2,009 projects. The market is watching whether the cryptocurrency will overcome resistance levels and restore its market position.
