As Bitcoin prices reached an all-time high during today's Asian trading session, top altcoins also recorded similar price movements, retesting their important resistance levels. Subsequently, the price of Cardano rose by 4.85%, approaching a new 52-week high.
ADA coin price retests 52-week highs!
The price of Cardano increased by about 5% during the session, steadily moving towards the $0.80 mark. This altcoin's 24-hour trading volume is $2.282 billion, with the current trading price at $0.7854.
Notably, the project's owner saw a surge of over 100% within days after expressing support for elected President Donald Trump. Additionally, the current market capitalization of ADA is $27.696 billion, ranking it 9th.
The Relative Strength Index (RSI) shows that the price trend within the daily timeframe remains stable above the overbought range. This indicates a positive outlook for altcoins this week.
The Simple Moving Average (SMA) continues to support the Cardano price chart, highlighting a significant increase in buying pressure for this altcoin.
Will the ADA price reach $1 this week?
Maintaining the price above the support trend line of $0.7750 could lay the groundwork for its move towards the resistance level of $0.8875. Moreover, if the bulls continue to dominate the cryptocurrency space, this could push Cardano's price towards the target price of $1.
However, a trend reversal could pull the price towards its support level of $0.6850. Additionally, if the bears surpass the bulls, Cardano tokens may drop to their lower support trend line of $0.60 for some time.
