With Bitcoin price reclaiming the $91,000 mark, the Cardano bull run gains momentum. Over the last 24 hours, the altcoin has increased by nearly 20% and is currently trading at $0.72.
The market cap of Cardano has surpassed $25 billion and is preparing for a new all-time high formation. Will the current bullish momentum suffice for a new all-time high? Let’s find out.
Cardano Crosses $0.70
The Cardano price range shows a massive bullish rally at play in the daily chart. The uptrend gains momentum from a double-bottom reversal at $0.32. Furthermore, the breakout of a long-coming resistance trend line fuels the bullish rally.
The uptrend in Cardano price accounts for a jump of 125% with the altcoin currently trading at $0.721 with an intraday gain of 1.98%. The bullish trend teases a new 52-week high formation above $0.81, increasing the chances of ADA price hitting the dream target of $1.00.
Technical Indicators:
SMA: With the rising tailwinds, the 50-day and 200-day simple moving average lines give a positive crossover. Furthermore, the 100-day SMA line witnesses an uptick. Hence, the SMAs reveal a bullish trend reversal.
MACD: The MACD and signal lines reflect a massive surge in bullish momentum, with the positive histograms resurfacing. Hence, the technical indicators maintain a buy signal for Cardano.
Will Cardano Hit $0.81?
Based on the Fibonacci retracement levels, a bullish trend continuation above $0.81 could find price targets at 1.272 and 1.618 Fibonacci levels. These Fibonacci levels are situated at $0.992 and $1.355.
On the flip side, the crucial support levels for the ADA price are at $0.64 and $0.55.
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
Cardano (ADA) is currently trading at $0.72, with a 20% increase in the last 24 hours.
The primary support levels are $0.60, reinforced by the 50-day SMA, and $0.32, the previous reversal point.
ADA targets new highs at $0.81, $0.992 (1.272 Fibonacci level), and $1.355 (1.618 Fibonacci level).
