Is ADA about to hit the $1 mark, or is it facing a rapid correction after a 128% increase?
Cardano (ADA) is making a strong impact on market sentiment, with an intraday increase approaching 5%, trading at $0.7854, reaching a new high since March, just a step away from its 52-week high! Current technical indicators continue to emit bullish signals, with the RSI in the overbought zone, and SMA providing stable support for price trends, showing a clear advantage for the bulls.
How will the future trend unfold?
Bullish scenario: If the bulls hold the support line at $0.7750 and strongly break through $0.8875, the ADA price may challenge the $1 mark in the short term, entering a new upward cycle for the market. Potential risk: However, if the bears push back and suppress the price, ADA could drop to $0.6850, or even fall back to a lower support level of $0.60, requiring caution from the bulls.
The market is currently focused on Cardano's key movements. As the ninth-ranked cryptocurrency, its market cap has surpassed $27.6 billion, and its strong performance is expected to continue driving sentiment in the altcoin sector.
Old Lin's interpretation: This is a crucial time to observe ADA's movements; both breakthroughs and corrections will have a significant impact on the direction of market funds. Follow Old Lin to keep up with the market pulse and capture the next breakout in advance!
