The crypto market has been constantly recording volatile price action over the past few days. This has created a Fear, Uncertainty, and Doubt (FUD)-like situation in the crypto space. Moreover, the market leader, Bitcoin’s price, is currently valued at $59,168 with a 24-hour change of -2.27%.
However, the Cardano price has regained momentum and has been trading under a bullish sentiment for the past week. Moreover, with the upcoming Chang Hard Fork update, the ADA price is projected to experience a significant price action.
Considering stacking this altcoin for its conquest in achieving the $1 mark? Dive in, as this article is just for you. Scroll down to uncover the price action and possible short-term price targets of the Cardano (ADA) token.
ADA Coin On The Verge Of Retesting Its Important Resistance Level
With the rising volatility in the cryptocurrency market, the Cardano price had formed a falling wedge pattern and has continued to trade within it since mid-April. Moreover, after successfully testing its support trendline, it has formed a support/resistance zone around the $0.330 level.
Notably, with a trading volume of $272.824 million, this altcoin has jumped 2.24% within the past day and 3.44% over the past seven days. With a market capitalization of $12.633 billion, the ADA price has secured the 11th position in the global cryptocurrency list.
Cardano Market Sentiments
The Simple Moving Average (SMA) has recorded a bullish convergence in the 1D time frame. This indicates an increase in the buying pressure for the ADA crypto in the market.
Further, the MACD indicator displays a constant rise in the green histogram with a strong bullish action in its averages. This highlights that the altcoin will continue gaining value this week.
Will ADA Price Hit $1 In 2024?
If the market continues to gain momentum, the Cardano price will head toward its resistance trendline of the falling wedge pattern. Suppose, the bulls maintain the coin’s value above that level. In that case, this altcoin will prepare to test its upper high of $0.4075 in the coming time.
For the Cardano (ADA) price to achieve the $1 mark, it will require a price surge of 185.067%, considering its current price of $0.3508. On the contrary, if the bears continue to dominate the crypto market, the Cardano token will plunge toward a new yearly low.
