Is Cardano Price on Track to Hit $1 Soon?

Now that Bitcoin value has regained the $91,000 mark, the Cardano bull run is gaining momentum. Over the previous 24 hours, the altcoin has risen nearly 20% and is presently buying and selling at $0.72.

Cardano’s market capitalization has surpassed $25 billion and is making ready for a brand new all-time excessive. Will the present bullish momentum be sufficient for a brand new document excessive? Let’s discover out.

Cardano exceeds $0.70

Cardano’s value vary is exhibiting an enormous bullish rally on the day by day chart. The uptrend is gaining momentum with a double backside reversal at $0.32. Moreover, breaking a long-term resistance trendline fuels the bullish rally.

Trading view

The uptrend in Cardano value is seeing a 125% bounce, with the altcoin presently buying and selling at $0.721 with an intraday achieve of 1.98%. The bullish pattern teases a brand new 52-week excessive formation above $0.81, rising the possibilities of ADA value reaching the dream goal of $1.00.

Technical indicators:

SMA: With the rising tailwinds, the 50-day and 200-day easy shifting common strains present a constructive crossover. Furthermore, the 100-day SMA line is witnessing a rise. Subsequently, the SMAs are exhibiting a bullish pattern reversal.

MACD: The MACD and sign strains replicate an enormous improve in bullish momentum, with the constructive histograms rising once more. The technical indicators subsequently present a purchase sign for Cardano.

Will Cardano Attain $0.81?

Based mostly on the Fibonacci retracement ranges, a continuation of the bullish pattern above $0.81 might see value targets at 1.272 and 1.618 Fibonacci ranges. These Fibonacci ranges are positioned at $0.992 and $1.355.

Then again, the essential help ranges for ADA value lie at USD 0.64 and USD 0.55.

With rising bullish expectations, will Cardano attain the $1 mark in 2024? Discover out NOW in Coinpedia’s Cardano value prediction and subscribe to the newest crypto updates.

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