Sohrab Khawas
With the Bitcoin price reaching the $64,00peak, the crypto industry crosses the $2.30 Trillion mark with altcoins roaring. Amidst the top coins, the ADA price is gaining momentum for a breakout rally.
Escaping the falling channel followed by a successful retest of $0.57, the altcoin is racing to a new 52W high. In this recovering market, will Cardano reach the $10 mark? Check out our Cardano price predictions to find out.
Source: TradingView
With a bullish takeoff from the $0.57 retest, the ADA price is making a streak of green candles and accounts for 18%. Further, the recovery rally is challenging the previous peak formation at $.682 for a new 52-week high.
Currently, the ADA price trades at $0.675 with an intraday growth of 7.31%, which projects a potential bullish breakout. Further, the 134% hike in the intraday trading volume supports the ongoing frenzy. With a market cap of $24.25 billion, Cardano ranks at #8 amongst the top coins.
As per the Fibonacci levels, Cardano is ready for a new peak, which can result in the rounding reversal breakout. In such a case, the bull run is inevitable.
Technical indicators:
MACD Indicator: With the ongoing reversal, the MACD and signal lines are diverging for a bullish crossover. This marks a trend reversal in Cardano’s price trend and teases a bullish jump.
Will ADA Price Reach $1?
With the bulls out of control, the crypto market is rising to new heights and teasing a strong recovery in altcoins. In this bull market, the breakout rally of $0.70 can boost the ADA price to new heights and potentially reclaim the $1 mark.
Therefore, closing above the $0.70 mark will signal an entry spot for sideline traders.
