The Cardano bull run is gaining momentum as Bitcoin price revisits the $91,000 mark. The altcoin has gained nearly 20% in the past 24 hours and is currently trading at $0.72.
With a market cap of over $25 billion, Cardano is gearing up for a new all-time high. Is the current bullish momentum enough to set a new all-time high? Let’s find out.
Cardano Crosses $0.70
Cardano price range is showing a sharp bullish rebound on the daily chart. The uptrend gained momentum from a double bottom reversal at $0.32. Moreover, a breakout of a long-term resistance trendline has fueled the bullish rebound.
Trading ideas
Cardano price surged 125% and the altcoin is currently trading at $0.721 with an intraday gain of 1.98%. The bullish trend is signaling a new 52-week high above $0.81, which increases the likelihood of ADA price reaching the desirable target of $1.00.
Technical indicators:
SMA: With the tailwind rising, there is a positive crossover of the 50-day and 200-day simple moving averages. Moreover, the 100-day SMA line is turning up. Hence, the SMA is indicating a bullish trend reversal.
MACD: MACD and the signal line reflect a sharp surge in bullish momentum with the positive histogram re-emerging. Therefore, the technical indicators maintain a buy signal for Cardano.
Will Cardano Reach $0.81?
According to the Fibonacci retracement levels, if the bullish trend continues above $0.81, price targets may be found at the 1.272 and 1.618 Fibonacci levels. These two Fibonacci levels are located at $0.992 and $1.355.
On the other hand, the key support levels for ADA price are found at $0.64 and $0.55.
