As the Cardano price achieves a new yearly high, crypto investors are highly anticipating this altcoin to reclaim the $1 mark this year. Reportedly, from struggling close to its crucial support zone to rallying over 100%, the ADA price has experienced a meteoric rise over the last 14 days.
With the XRP price achieving the $1 mark over the weekend, will the ADA price display a similar price action and hit its prolonged $1 mark this week? Scroll down as, in this article, we explore the short-term possibilities of the Cardano (ADA) token!
Cardano Price Retests It’s 52-Week High!
With a strong bullish recovery in the crypto space, the ADA price has added 5.32% to its portfolio in 24 hours with a trading volume of $1.844 billion. Moreover, this altcoin has recorded a weekly gain of 32.13% and has 2xed its investor portfolio during the last 30 days.
The EMA 50/200-day has experienced a Golden Cross in the 1D time frame. This highlights a high possibility of a bullish rally-like situation in the coming time.
Moreover, the Relative Strength Index (RSI) continues hovering above the overbought range in the daily time frame with its average trendline surpassing the same. This suggests that the altcoin may continue gaining value this week.
Will ADA Price Reach $1?
If the bullish sentiment sustains, the Cardano price will breach its resistance level of $0.7750 and head toward its upper resistance level of $0.8875. Maintaining the price above that level could set the stage for it to head toward its target price of $1 in the upcoming time.
On the contrary, if the bears regain momentum, this altcoin may retest its support level of $0.6850. Furthermore, if the bears outrun the bulls, this could result in it plunging toward its lower support level of $0.60 this month.
Curious to know when will this altcoin hit $1. Read CoinPedia’s ADA Price Prediction, and also subscribe to us to stay updated on the latest happening in the crypto world!
FAQs
The Cardano price is projected to surpass the $2 mark in 2025.
If the bulls continue gaining momentum, the ADA coin price may surpass the $10 mark in 2030 with a potential high of $10.32.
With the current market sentiment, this altcoin can comfortably hit the $1 mark this year.
