Cardano (ADA) has surged 24% in the last 24 hours, breaking the $1 level and attracting the attention of investors. Analysts state that ADA has the potential to rise to $2 with its current uptrend. Technical indicators and increasing institutional interest stand out as the most important factors supporting this rise in ADA.
The cryptocurrency market has increased by an impressive 44% in the last 24 hours, bringing its total market value to $3.34 trillion. Cardano (ADA), which attracted attention during this period, is currently trading at $1,089, having surpassed the critical psychological level of $1. ADA's market value has exceeded $37 billion.
Analysts say that ADA has the potential to reach the $2 target with its current uptrend. This shows the potential for ADA to increase by up to 100%.
Cardano’s Price Movements$ADA
Cardano’s daily price action shows a parabolic rally. ADA has gained 235% in this rally that started at $0.32. The golden intersection between the 100-day and 200-day exponential moving averages (EMAs) reinforces the strength of the bull market. Technical indicators also support this rise; MACD and signal lines indicate strong momentum. Over the last six trading days, ADA has gained as much as 60%.
According to Fibonacci retracement levels, ADA is moving towards the 1.618 level, passing the 1.272 level. If this trend continues, the price is likely to reach $ 1.92. However, in case of a pullback, the $ 0.9928 level stands out as a critical support point.
Cardano’s rise cannot be explained by technical analysis alone. Increasing institutional interest and developments in Cardano’s blockchain ecosystem are also among the factors supporting the price movement. In particular, the smart contract features integrated with the Alonzo update have increased demand for ADA. In addition, Bitcoin reaching historical highs has created a positive market environment for ADA and other altcoins.
ADA has gained strong momentum after breaking the $1 level. Experts predict that if this uptrend continues, ADA could test the $2 target. However, it is important for investors to carefully monitor support levels and market sentiment. If the current momentum continues, ADA could gain an even stronger position in the crypto market.