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Sohrab Khawas
Sohrab Khawas
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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.
- Nov 22, 2024 10:05 UTC
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Will Cardano (ADA) Price Hit $1 This Week?
Cardano has crossed the $0.80 mark and is targeting $1 in the short term, with $1.25 as the next major resistance.
The rally has seen 165% gains from $0.32, supported by strong technical indicators like EMA crossovers and MACD alignment.
Compared to its all-time high of $3.16, Cardano trades at a 72% discount, suggesting room for further growth.
Cardano is gaining bullish momentum as the crypto market continues to hit higher highs and Bitcoin is inching closer to the $100,000 mark. With the third bullish week in motion, the ADA price is nearing the $1 milestone.
Will the ongoing bull run in the ADA price trend achieve the $1 milestone? Let’s find out.
Cardano Price Analysis
In the daily chart, the Cardano price action shows a streak of bullish engulfing candles leading the bull run. Currently, it has crossed the $0.80 mark and is inching closer to the $1 price target.
In the daily chart, Cardano price action forms the fifth consecutive bullish candle. Furthermore, the recent surge accounts for a 22.87% surge in the last four days. However, in the last 17 days, with just two bearish candles, the ADA price has surged by 165% from the low of $0.32.
The growing bullish influence has led to a positive crossover between the 100-day and 200-day EMA after the recent golden crossover. The MACD indicator shows a positive trend in the MACD and signal line with a surge of bullish histograms. Hence, the technical indicators maintain a buy signal for Cardano.
Will Cardano Hit $1?
Based on the weekly chart, the recovering rally is challenging the 23.60% Fibonacci level with a rounding multiple reversal. The bullish breakout of this Fibonacci level will likely prolong the rally to $1.25 or the 38.20% Fibonacci level. Compared to its all-time high of $3.16, the altcoin is at a discount of nearly 72%. Therefore, the altcoin shows massive room for growth if the bullish trend continues.
Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates.
FAQs
- What is Cardano’s current price and recent performance?
Cardano is trading above $0.80, up 165% over the past 17 days, with a 22.87% surge in the last four days. - What are Cardano’s key price targets?
Immediate targets include $1 and $1.25, aligned with the 23.60% and 38.20% Fibonacci levels, respectively. - What supports Cardano’s bullish momentum?
A golden EMA crossover, bullish MACD signals, and consistent bullish candles indicate continued upward momentum.
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