With a descending trendline breakout, the Cardano price shows a high momentum rally. The bull run has increased the market value of Cardano by 235% from $0.32 to the current market price of $1.08.
This massive bull run increases the possibility of a new all-time high above $3.0098.
Based on the Fibonacci levels, the uptrend is now challenging the 61.80% Fibonacci level. A breakout rlly could reach the $1.6997.
On the flip side, a potential weakness of the $0.85 mark is possible. Thus, the average price is likely to remain at $0.92.
Assuming that Cardano continues to focus on the upcoming updates of the network, we can expect a wider adoption rate of Cardano.
Moreover, with the upcoming bull run propelled and fueled by Bitcoin halving in 2024, followed by a new altcoin season, Cardano is all set to create unprecedented new heights.
n the last four hours, open interest in Cardano (ADA) has surged by over 6.49%. This significant increase comes despite a slight pullback from its recent high of $0.9281. This suggests that investors remain optimistic about the future of the project.
Cardano, the 9th largest cryptocurrency by market cap has been on a bullish run, along with the rest of the market. Nevertheless, the digital asset has attracted significant attention due to its meteoric surge.
otably, the digital asset currently trading at $1.04 has recorded a 36.92% surge in the past week. Additionally, ADA has increased by more than 200% in the past month.
