Cardano (ADA) Price Analysis: Is ADA on Track to Hit $2?
Post Cardano (ADA) Price Analysis: Is ADA on track to hit $2? first appeared in Coinpedia FinTech News
Cardano has surpassed the psychological $1 mark as the cryptocurrency market reaches $3.34 trillion, surging 44% in the past 24 hours. Currently, ADA is trading at $1.089, having surged nearly 24% in the past 24 hours.
With the market cap crossing the $37 billion mark, underlying sentiment suggests the next price target is $2.00. Will the continued rise cause ADA price to surge 100% in this bull market? Let’s find out in Coinpedia’s latest Cardano price analysis.
Cardano Price Analysis
On the daily chart, the ADA price trend shows an exponential rise in a parabolic manner. Starting from the $0.32 mark, the altcoin has now surged nearly 235%. The bullish impact resulted in a golden cross and a positive crossover between the 100-day and 200-day EMA lines.
Additionally, the MACD and signal lines are showing fresh gains as bullish momentum builds. The altcoin has gained nearly 60% this week thanks to six consecutive bullish candles.
In terms of the overall bull market, the altcoin has only seen two black candles in the past 19 days, but has surged 235%.
Will Cardano reach $2?
According to the Fibonacci levels, the index rebound has broken through the 1.272 Fibonacci level at $0.9928 and is currently challenging the 1.618 level. The next Fibonacci resistance level is $1.35, and the current price trend is likely to continue within this range.
A bullish breakout would increase the chances of hitting the $1.92 mark. On the other hand, $0.9928 remains a key support level. A break below this level will challenge $0.8669 and $0.7757.
Will Cardano reach $10? Find it now on Coinpedia Cardano Price Predictionand subscribe to us to get the latest cryptocurrency updates.
FAQ
Cardano is rising exponentially on the back of a golden cross and strong bullish momentum, helping it break above the $1 mark in the ongoing cryptocurrency bull run.
Based on Fibonacci levels, the next resistance for ADA is $1.35, with a bullish breakout potentially leading to $1.92 or even $2.00.
A break below the key support at $0.9928 may push ADA to retest lower levels at $0.8669 or $0.7757.
