Is a $1 ADA Price Achievable in March 2024?

ADA / Supply held by top 1% adresses

ADA / Supply held by top 1% adresses

Throughout the month, ADA’s price has exhibited a tight consolidation around the $0.75 range, indicating potential strength accumulation by the bulls. This consolidation may pave the way for a bullish breakout beyond the interim threshold of $0.8. Taking a longer-term perspective, the token remains under a pronounced bullish influence, adhering to a bullish pattern and potentially reaching the milestone of $1 at any point this month.

Related: Cardano Enters Top 10 Leading Blockchains for NFT Transactions

A closer look at the weekly chart reveals that ADA’s price is progressing towards the $1 mark by overcoming a critical resistance at $0.98. This upward movement could extend to the significant resistance zone ranging from $1.187 to $1.24, buoyed by bullish signals from technical indicators. The Bollinger bands, displaying a similar expansion to the 2021 breakout, suggest a sustained strong ascending trend with minimal bearish activity, even though the impact may be less pronounced.

Furthermore, the RSI residing within the bullish range signals increasing strength among the bulls. As a result, there is a substantial possibility of Cardano (ADA) reaching $1 at some point this month, potentially igniting a healthy run in the days to come.