Cardano's price surge is expected beyond $1 as the cryptocurrency shows bullish signs, with analysts predicting a retest of the $1 mark soon.
Cardano, the eighth-largest cryptocurrency by market capitalization, is currently showing bullish signs on its 1-day time frame, with a trading price of $0.606351. Despite a slight 0.28% decrease in the last 24 hours, the digital currencyâs trajectory suggests a potential retest of the $1 mark in the near future.
Cardanoâs journey in 2023 was remarkable, achieving a 150% surge and touching a yearly high of $0.67 twice last month. This growth mirrors the expansion in its ecosystem. Minswap, Cardanoâs top Decentralized Exchange (DEX), saw an incredible 26,000% increase. Additionally, JPG Store, the leading Non-Fungible Token (NFT) platform on Cardano, welcomed over 16,540 new addresses.
Analysts Views on Cardanoâs Future
Crypto analyst LuckSide points out Cardanoâs critical resistance zone between $0.60 and $0.67. He proposes two scenarios: an upward surge to the $0.70 range or a potential dip to $0.40. Despite regulatory challenges, including being labeled a security by the US SEC, the analystâs outlook for 2024 remains positive.
Dan Gambriello, another prominent analyst, emphasizes Cardanoâs dependency on Bitcoinâs market movement for significant gains. He notes ADAâs breakout from a crucial symmetrical triangle, projecting a potential target of $0.80. However, he cautions about the resistance posed by the 200-week moving average, which could act as a major hurdle or a confirming indicator for Cardanoâs upward momentum.
The cryptocurrencyâs 50-day moving average is trending upward, potentially supporting future interactions. The 200-day moving average, currently below the price, might also support a continuing bullish trend. The Relative Strength Index (RSI) remains in the 50-60 neutral zone, indicating a stable trend.
Cardano Exhibits Bullish Potential as Bulls Aim $0.070
In the recent 2-hour Cardano (ADA) chart, a tug of war is evident between the bears trying to push the price below $0.5896 and the bulls defending this level. Despite the bearish attempts, buyers have consistently provided enough support at this zone. ADA opened the trading session bullishly, maintaining its stand above the $0.600 level.Â
This bullish trend was further solidified as the bulls rebounded, creating a price swing from an intraday low. The Cardano price then recovered to the supply zone at $0.605. ADAUSD formed several double bottoms, indicating a stable yet low price change. Parabolic SAR dots below the price level suggest an underlying bearish sentiment in the market. However, the ongoing struggle between bears and bulls to control ADAâs pricing remains unresolved, with the bulls are having the upper hand.
ADA/USD 1-Day chart | TradingView
The previous hour saw a significant shift in momentum as bulls gathered strength, successfully breaking above minor resistance at $0.70. Following this breakout, the price of ADA rose steadily, reaching an intraday high of $0.6065. This bullish trend is further confirmed on the 4-hour chart, where the consolidation around the $0.605 supply zone is a crucial entry point for potential buyers. This could increase prices above the SMA 20 at $0.6112. Conversely, if the bulls fail to maintain their momentum, ADAâs price might return to its primary support at $0.560. A breach of this support level could lead to a further drop to $0.5112, aligning with the EMA 50 and potentially signaling a downtrend for Cardano.
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