ADA has currently fallen into the red zone but remains strong above $1. Over the past seven days, ADA has risen by more than 50%, targeting the significant $2 level. Similarly, Ripple's XRP has also recorded impressive gains, currently trading at $1.46.
The question now is, which of these two altcoins will reach the $2 mark first.
The announcement by Gary Gensler to resign from the U.S. Securities and Exchange Commission (SEC) has had a significant impact on the cryptocurrency market, particularly for XRP and Cardano. This news is seen as favorable for ADA, as Gensler's SEC had previously labeled several cryptocurrencies, including Cardano, as securities.
ADA Price Prediction:
According to Crypto World analyst Josh, Cardano's price is currently breaking through a key 50% Fibonacci retracement level, which was previously a resistance point. The price has recently broken above the $0.83 mark, which is a key level to watch.
Next Price Target:
Golden Pocket Target: Cardano's next major resistance area is between $1.13 and $1.22. This is referred to as the 'golden pocket' and is generally seen as a key level where price action may stagnate or retrace.
78.6% Fibonacci Target: If Cardano can break through the $1.22 to $1.23 range, the next major price target is around $1.76, marked by the 78.6% Fibonacci retracement level. This level represents an important point for further upward momentum.
Reviewing History:
Looking back at past trends, when Cardano was at this position on the chart, its price experienced significant increases, sometimes rising by as much as 400% compared to Bitcoin.
This suggests that if Cardano continues to outperform Bitcoin, we might see a significant rise in ADA over the coming months, potentially lasting until 2025.
