Cardano Price Analysis: Will ADA Price Challenge $1 This Month?

After recording a bullish price action for 7 consecutive days, the Cardano price has been on the verge of breaking its streak by recording a negative price sentiment in the past day. Is the dream run of ADA token over? Or will this altcoin experience a meteoric rise with a short pullback?

Planning on investing in this altcoin before it achieves the $1 mark? Read our in-depth research article on the short-term possibilities of the Cardano (ADA) crypto token.

ADA Price Retests Its Support Trendline!

Despite recording a correction of 2.86% in the past 24 hours with a trading volume of $3.333 billion, the Cardano price has surged 68.72% over the past week. Moreover, this altcoin has added 58.87% during the past 30 days, indicating increasing bullish sentiment.

The EMA 50/200-day is on the path of potentially achieving a Golden Cross in the 1D time frame. This highlights increased bullish action for the altcoin in the crypto market.

The Relative Strength Index (RSI) continues hovering above the overbought range in the Cardano price chart. This suggests that the ADA token may continue gaining value in the coming time.

Will ADA Coin Price Hit $1 This 2024?

If the bulls regain momentum, the Cardano token will retest its resistance level of $0.68. Furthermore, maintaining the bullish sentiment could push the price toward its upper resistance level of $0.7750 during the upcoming time.

However, a trend reversal could result in the Cardano coin retesting its support level of $0.50. Moreover, if the bears maintain dominance, this could pull the price of the ADA token toward its lower support level of $0.40.

Curious about the long-term price targets of this altcoin? Read, our Cardano (ADA) Price Prediction to uncover the possibilities!

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