This is When Cardano (ADA) Price May Ignite a Bull Run and Rise Beyond $1!
Cardano price rose above $0.4 after trading below the levels for nearly 3 months, indicating the revival of the bullish trend
The price may remain largely consolidated for some more time and eventually rise beyond the resistance shortly
Cardano is enjoying a bull ride as the market sentiments flip significantly soon after the launch of its algorithmic stablecoin Djed in collaboration with COTI. Soon after the launch, the reserves swelled to over 28 million in ADA with a reserve ratio of 636%. Moreover, the fresh FOMC interest rates ignited a significant rally beyond $0.4 for the first time since November 2022.
The ADA price began to break out from the bearish trendline ahead of the release of the fresh interest rates and on the announcement soared high slicing through the crucial resistance at $0.39 that it was stuck for the past few days. However, the bullish sentiments appear to have out shadowed the bearish clouds but, the ADA price is required to surge another 15% to trigger a significant bull run.
In the higher time frame, the ADA price has broken out of the crucial zones that were mandatory to cease the prevailing bearish pressure. The upswing enabled the price to rise beyond the descending broadening wedge with an impulsive rebound. The MACD turned bullish by forming a golden cross indicating higher possibilities of an upside swing toward the upper target area.
Moreover, the other technical and fundamental upgrades that drive ADA price higher could be a bearish outlook with the U.S. dollar and a lowered interest rate hike in the coming days. Nevertheless, the recent breakout has flashed possibilities of ranging beyond $0.42 which may further test the trend reversal zone around $0.46. If the bulls maintain their strength around these levels, then a notable upswing may spark driving the price beyond $1 before the end of Q2 2023.