Cardano Breaks $1 Barrier as Crypto Market Hits $3.34 Trillion
The global crypto market has surged to an astounding $3.34 trillion, marking a 44% increase within 24 hours. Among the top performers, Cardano (ADA) has crossed the $1 psychological milestone, currently trading at $1.089. With a 24-hour gain of nearly 24%, ADA’s market cap now exceeds $37 billion, setting its next price target at $2. Can Cardano rally to achieve a 100% price surge in this bull market?
Cardano Price Analysis: A Parabolic Growth Trend
Cardano’s daily price chart showcases an exponential growth trajectory, moving in a parabolic manner. The ADA price has skyrocketed from $0.32 to its current level, reflecting a 235% surge. This bullish rally has triggered a golden crossover and a positive EMA crossover between the 100-day and 200-day moving averages.
Momentum indicators such as the MACD are further validating the upward trend, with both the MACD and signal lines showing fresh upticks. ADA has formed six consecutive bullish candles this week, representing a 60% gain in just seven days.
Over the past 19 days, Cardano has delivered an impressive 235% rally, with only two daily bearish candles recorded throughout this bullish run.
Can Cardano Hit $2?
Using Fibonacci retracement levels, ADA’s ongoing rally has surpassed the 1.272 Fibonacci level at $0.9928 and is currently targeting the 1.618 level. The next Fibonacci resistance lies at $1.35, a milestone ADA is likely to reach if the current trend persists. A bullish breakout above $1.35 could push the price towards $1.92, setting the stage for Cardano to test the $2.00 mark.
Conversely, $0.9928 serves as a critical support level. A decline below this point could lead to a retest of lower supports at $0.8669 and $0.7757.
Will Cardano Reach $10?
While ADA’s current trajectory and market sentiment point towards significant gains, reaching $10 would require sustained institutional interest and broader market support.
Key FAQs
What drove Cardano (ADA) past $1?
Cardano’s exponential rally, backed by technical signals like the golden crossover and increasing bullish momentum, helped it break the $1 mark during this crypto market bull run.
What are Cardano’s next price targets?
Based on Fibonacci analysis, ADA’s immediate resistance is at $1.35, with a bullish breakout paving the way to $1.92 or even $2.00.
What happens if ADA loses momentum?
A drop below the $0.9928 support could see ADA retracing to $0.8669 or $0.7757, signaling a potential pullback.
