Can Cardano Price Reach $1.17? Hoskinson’s Strong Stand on Redemption Fuels Optimism

Cardano (ADA) price jumped 1.34% on May 13 and is currently at $0.821, preparing for a major breakout move to $1.137. The bullish anticipation increases as Charles Hoskinson boldly defends the redemption mechanism, surging the ADA Open Interest (OI) to $987 million. As Cardano stands on the verge of a bull run, should you consider buying the altcoin?Cardano Price Analysis Targets $1.17Cardano price at $0.821 has surged by almost 2% this week, maintaining the uptrend after a 19% surge last week. However, the ADA price faces short-term resistance near $0.837, resulting in a consolidation stage. This hampers the inverted head and shoulders breakout rally seen on the 4-hour ADA chart. With a neckline overlapping the $0.75 zone, Cardano price action formed the bullish inverted head and shoulder pattern as marked in the technical chart. The 49.85% breakout target calculated by adding pattern’s depth to the $0.75 neckline coincides with the previous peak at $1.137. Hence, the $0.837 breakout could catalyze the next big move for the altcoin. Notably, a minor resistance is present at $0.983, an in-between peak reflecting volatility closer to the $1 psychological mark. Supporting the $1.17 price target, MACD and signal lines prepare for a positive crossover to restart an uptrend. Furthermore, the Relative Strength Index (RSI) momentarily dropped from overbought zone to halfway line, a bearish divergence resulting in the consolidation stage. However, the RSI takes a V-shaped reversal from the halfway line, suggesting resurfaced buying pressure. As the consolidation prolongs, the ADA price momentum trapped could be released on either side. If the $0.75 zone breaks, the breakout thesis will be nullified, suggesting a potential 20% drop to $0.647, followed by the next support at $0.60. Optimism Sparks as Open Interest Nears $1 Billion With the overnight recovery in Cardano, optimism surged in ADA futures. The OI jumps by 6.61% to reach $987 million, nearing the $1 billion milestone. Additionally, the funding rate spike to 0.0141% reveals the increased bullish activity. Hence, the derivatives traders are likely anticipating an uptrend continuation in ADA prices. Cardano ADA Derivatives Data AnalysisCharles Doubles Down on Off-Chain Sweep Defence For Unredeemed VouchersBoosting the optimism, Charles Hoskinson slams the rumors of unclaimed vouchers again. Initially, Charles explained the sweep of unredeemed Genesis UTXOs (voucher holders) as a crucial security and compliance step. As many original voucher buyers failed to redeem ADA, the process was moved from an “on-chain process” to an “off-chain sweep” to ensure reduced fraud risk. Finally, Charles added that proper communication was maintained with the unredeemed voucher purchasers. The wider community was kept out of the broadcast, as it would’ve increased the risk of scammers targeting the buyers. The bold and logical move was part of the Shelley upgrade.The post Can Cardano Price Reach $1.17? Hoskinson’s Strong Stand on Redemption Fuels Optimism appeared first on CoinGape.