As the cryptocurrency market reaches 3.34 trillion dollars, having surged 44% in the past 24 hours, Cardano has broken through the psychological barrier of 1 dollar. Currently, the exchange price of ADA is 1.089 dollars, having skyrocketed nearly 24% in the past 24 hours.
With a market cap surpassing 37 billion dollars, the potential sentiment sets the next price target at 2.00 dollars. Will the ongoing uptrend lead to a 100% surge in ADA's price during the bull market? Let's find out in Coinpedia's latest Cardano price analysis.
Cardano Price Analysis
In the daily chart, the ADA price trend exhibits parabolic growth with exponential increase. Starting from the 0.32 dollar mark, this altcoin has surged nearly 235%. The bullish influence has led to a golden cross and a positive cross between the 100-day and 200-day EMA lines.
Additionally, with the bullish momentum strengthening, the MACD and signal line are showing new upsides. With six consecutive bullish candles, the altcoin has risen nearly 60% this week.
Speaking of the entire bull market, the altcoin has only seen two bearish candles in the past 19 days and has surged 235%.
Will Cardano reach 2 dollars?
According to Fibonacci levels, the index rebound has broken through the 1.272 Fibonacci level of 0.9928 dollars and is currently challenging the 1.618 level. The next Fibonacci resistance level is 1.35 dollars, and the current price trend may continue within this range.
A bullish breakout will increase the likelihood of reaching the 1.92 dollar mark. On the other hand, 0.9928 dollars remains a key support level. A drop below this level would challenge 0.8669 dollars and 0.7757 dollars.
