Sohrab Khawas
As Cardano retains its position as the 9th largest cryptocurrency globally, the altcoin’s market cap hit $21 billion. This milestone comes with a 3.52% surge in the past 24 hours, with the Cardano price now trading at $0.6061.
Will the recovery rally in Cardano top the $1 milestone as Bitcoin rally targets $100k? Find out more in Coinpedia’s Cardano price analysis below.
Cardano Price Run Targets $0.67
The ADA price action shows a bullish reversal from the 50% Fibonacci level. It currently forms a bullish engulfing candle for a reversal rally. The altcoin is trading at $0.164 with an intraday gain of 5.86%.
Completing a morning star reversal, the altcoin has surpassed the $0.60 psychological mark at 61.80% Fibonacci level. Currently, the ongoing rally in Cardano accounts for a price surge of more than 90% over the past two weeks.
Technical Indicators:
SMA: The growing bullish influence teases a golden crossover between the 50-day and 200-day simple moving average line. Furthermore, the uptick in the 100-day SMA increases the possibility of average lines gaining bullish alignment.
MACD: The resurgence of buying pressure has propelled MACD and signal lines higher, with positive histograms regaining intensity. Hence, the technical indicators maintain a buy signal for Cardano.
Will Cardano Price Hit $1?
Based on the Fibonacci levels, the uptrend above the 61.80% Fibonacci level could find minor resistance at $0.67 before reaching the $0.77 high. A bullish continuation above this level could result in a new 52-week high for Cardano.
The bullish extension targets are at $0.90 and $1 psychological mark. On the flip side, the crucial support remains at $0.54 and $0.50 psychological mark.
With the increasing bullish expectations, will Cardano reach the $1 mark in 2024? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
Is Cardano’s rally sustainable in the current market?
Yes, technical indicators like the golden crossover and strong Fibonacci-level support suggest a sustained uptrend, barring significant market disruptions.
What are the key resistance levels for ADA in this rally?
The key resistance levels are $0.67, $0.77, $0.90, and $1.00, with potential for a new 52-week high.
What could trigger a pullback in ADA’s price?
A drop below crucial support levels at $0.54 and $0.50 could trigger a bearish correction.
