With Bitcoin price reclaiming the $91,000 mark, the Cardano bull run gains momentum. Over the last 24 hours, the altcoin has increased by nearly 20% and is currently trading at $0.72. 

The market cap of Cardano has surpassed $25 billion and is preparing for a new all-time high formation. Will the current bullish momentum suffice for a new all-time high? Let’s find out.

Cardano Crosses $0.70

The Cardano price range shows a massive bullish rally at play in the daily chart. The uptrend gains momentum from a double-bottom reversal at $0.32. Furthermore, the breakout of a long-coming resistance trend line fuels the bullish rally. 

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The uptrend in Cardano price accounts for a jump of 125% with the altcoin currently trading at $0.721 with an intraday gain of 1.98%. The bullish trend teases a new 52-week high formation above $0.81, increasing the chances of ADA price hitting the dream target of $1.00. 

Technical Indicators:

SMA: With the rising tailwinds, the 50-day and 200-day simple moving average lines give a positive crossover. Furthermore, the 100-day SMA line witnesses an uptick. Hence, the SMAs reveal a bullish trend reversal.

MACD: The MACD and signal lines reflect a massive surge in bullish momentum, with the positive histograms resurfacing. Hence, the technical indicators maintain a buy signal for Cardano. 

Will Cardano Hit $0.81?

Based on the Fibonacci retracement levels, a bullish trend continuation above $0.81 could find price targets at 1.272 and 1.618 Fibonacci levels. These Fibonacci levels are situated at $0.992 and $1.355.

On the flip side, the crucial support levels for the ADA price are at $0.64 and $0.55.

With the increasing bullish expectations, will Cardano reach the $1 mark in 2024? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates. 

FAQs

What is Cardano’s current price?

Cardano (ADA) is currently trading at $0.72, with a 20% increase in the last 24 hours.

What are Cardano’s key support levels?

The primary support levels are $0.60, reinforced by the 50-day SMA, and $0.32, the previous reversal point.

What are Cardano’s price targets?

ADA targets new highs at $0.81, $0.992 (1.272 Fibonacci level), and $1.355 (1.618 Fibonacci level).