Cardano (ADA) Price Analysis: Is ADA on Track to Hit $2?

Published by

Sohrab Khawas

November 23, 2024

With the crypto market reaching $3.34 trillion, a massive jump of 44% over the past 24 hours, Cardano has topped the $1 psychological mark. Currently, the ADA has an exchange price of $1.089 and has surged nearly 24% in the past 24 hours.

As the market cap crosses the $37 billion mark, the underlying sentiments present the next price target at $2.00. Will the ongoing rally result in a 100% surge in ADA price in this bull market? Let’s find out in Coinpedia’s latest Cardano price analysis.

Cardano Price Analysis

In the daily chart, the ADA price trend shows exponential gains in a parabolic manner. Starting from the $0.32 mark, the altcoin has now surged by nearly 235%. The bullish influence has resulted in a golden crossover and a positive crossover between the 100-day and 200-day EMA lines.

Moreover, the MACD and signal lines experience a new uptick as the bullish momentum grows. With six consecutive bullish candles, the altcoin has increased by nearly 60% this week.

Speaking of the entire bull run, the altcoin has registered only two negative candles over the past 19 days and has surged by 235%.

Will Cardano Hit $2?

Based on the Fibonacci levels, the exponential rally has crossed the 1.272 Fibonacci level at $0.9928 and is now heading to challenge the 1.618 level. The next Fibonacci resistance level is $1.35, and the current price trend will likely continue within this range.

A bullish breakout will increase the likelihood of reaching the $1.92 mark. On the flip side, the $0.9928 remains a crucial support. A breakdown below this will challenge the $0.8669 and $0.7757.

Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.

FAQs

What caused Cardano (ADA) to cross the $1 mark?

Cardano’s exponential rally, supported by a golden crossover and strong bullish momentum, helped it break the $1 mark during the ongoing crypto bull run.

What are Cardano’s next price targets?

Based on Fibonacci levels, ADA’s next resistance is at $1.35, with a bullish breakout potentially leading to $1.92 or even $2.00.

What happens if ADA fails to sustain current levels?

A breakdown below the key support at $0.9928 could push ADA to retest lower levels at $0.8669 or $0.7757.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.