Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target For The Weekend
Cardano (ADA) has been one of the best-performing currencies over the past three weeks, surging more than 200% to reach a 2.5-year high. The cryptocurrency gained over 20% today, crossing the $0.90 mark, fueling bullish sentiment toward the long-awaited $1 target.
Cardano hits new yearly high, breaking $0.90
On Friday, Cardano broke through the $0.81 resistance and surged to the $0.90 mark, setting a new yearly high of $0.97. This performance accounts for 22% gushing Over the past 24 hours, it has pushed the coin to its highest price since late April 2022.
Cardano briefly breached the $3.10 mark three years ago, but as the cryptocurrency market struggled, Cardano lost bullish momentum and hit a rock bottom of $0.22 in June 2023. Since falling 92% from its all-time high (ATH), ADA has been heavily criticized for underperforming the rest of the market.
Nonetheless, the cryptocurrency rebounded during the Q1 2024 highs, reaching the $0.81 mark before losing 66% of its gains in the following months. The recent market rally has seen ADA Outperform Most altcoins have seen renewed interest in cryptocurrencies over the past three weeks.
According to CoinGlass dataCardano’s Open Interest (OI) has surged 28.25% in the past 24 hours, reaching $855.5 million today. Furthermore, it has gained over 11% in the past four hours, indicating increased activity and confidence among cryptocurrency traders.
Is ADA about to hit $1?
Cardano investors and cryptocurrency analysts have recently expressed optimism about ADA’s “hot” performance. Cryptocurrency Analyst Ali Martinez famous Cardano has surged more than 200% this month, driven by whales and institutional investors.
According to the post, large-value ADA transaction volume on the network has increased by more than 297% since the U.S. election, reaching $22 billion on November 19.
Martinez said these large trades are related to high accumulation levels, as whales holding $1 million to $10 million in ADA have increased their positions by more than 100% in the past 30 days.
He also highlighted that ADA appears to be reflecting its price action for 2020-2021. as report Analysts at NewsBTC say that if the cryptocurrency continues to follow its past behavior, it will experience a 2,000% rise, approaching the $6 mark.
With the price surging above $0.90, Martinez pointed to the $0.80 resistance level, where 48,000 addresses bought 1.2 billion ADA, as a “key support area to watch for the bullish thesis.”
analyst sebastian Highlight After the $0.80 resistance, “there’s not much resistance until $1.2.” Therefore, ADA could “explode from here” and target the long-awaited $1 mark by the weekend.
As of this writing, ADA is trading at $0.97, up 46% in the past seven days.
