Cardano (ADA) Price Run Targets $1 as Bitcoin Rally Targets $100k

Breakout Confirmed: ADA surpasses the $0.60 psychological level, signaling a bullish breakout. Golden Crossover Nearing: 50-day and 200-day SMA nearing alignment

Cardano (ADA) price soared by 5.86% over the past 24 hours, ranking 9th among the largest cryptocurrencies with a market cap of $21 billion. As the altcoin price rallies, breaking out of key resistance levels, let’s evaluate ADA’s price targets and the likelihood of reaching the $1 milestone.

Cardano (ADA) price soared by 5.86% over the past 24 hours, ranking 9th among the largest cryptocurrencies with a market cap of $21 billion. As the altcoin price rallies, breaking out of key resistance levels, let’s evaluate ADA’s price targets and the likelihood of reaching the $1 milestone.

Cardano Price Analysis

Cardano’s (ADA) price recovery began two weeks ago from the 50% Fibonacci level, forming a bullish engulfing candle for a reversal rally. From this crucial support, the altcoin rallied by more than 90%.

As ADA price completes a morning star reversal, it has managed to break out of the $0.60 psychological resistance, which also coincides with the 61.80% Fibonacci level. This breakout could propel ADA price further up.

technical indicators like the golden crossover and strong Fibonacci-level support suggest a sustained uptrend, barring significant market disruptions.

Relative Strength Index (RSI) is trading above the 70 mark, indicating strong buying pressure. Moreover, the histograms on MACD and signal lines are rising, signaling a ‘buy’ signal for ADA.

As the bullish influence grows, a golden crossover is teasing between the 50-day and 200-day simple moving average (SMA) line. In addition, the 100-day SMA is rising, increasing the possibility of average lines gaining bullish alignment.

After breaking out of the 61.80% Fibonacci level, the uptrend could face minor resistance at $0.67 before reaching the 77-high at $0.77. A bullish continuation above this level could lead to a new 52-week high for Cardano.

The bullish extension targets are at $0.90 and the $1 psychological mark. On the flip side, the crucial support remains at $0.54 and the 50-psychological mark.

Coinpedia's Analysis

The bullish momentum and technical indicators suggest that ADA’s rally is likely to continue within the bullish channel, targeting the $0.90 and $1 levels. However, the altcoin may face resistance at $0.77 and need strong buying pressure to reach higher targets.

On the other hand, a drop below crucial support levels at $0.54 and $0.50 could trigger a bearish correction, affecting ADA’s bullish outlook.

The above is the detailed content of Cardano (ADA) Price Run Targets $1 as Bitcoin Rally Targets $100k. For more information, please follow other related articles on the PHP Chinese website!