Will ADA Hit $2 First or XRP? Former Gains 50%
ADA has now slipped into the red zone but is still holding firm above $1. ADA has gained over 50% in the past seven days and is currently targeting the important $2 level. Likewise, Ripple’s XRP has also recorded impressive gains and is currently trading at $1.46. The question now is which of these two altcoins will hit the $2 mark first.
The news of Gary Gensler’s resignation from the SEC had a significant impact on the cryptocurrency market, especially XRP and Cardano. The news is seen as positive for ADA, as Gensler’s SEC has previously labeled several cryptocurrencies, including Cardano, as securities.
Cardano Price Prediction:
Crypto World analyst Josh said that Cardano’s price has now broken through the key 50% Fibonacci retracement level, which has been a resistance level before. The price recently broke above the $0.83 mark, which is a key level to watch.
Next price target:
Gold Pocket Target: The next major resistance area for Cardano is between $1.13 and $1.22. This is known as the “golden pocket” and is often seen as a key level where price action may stall or pull back.
78.6% Fibonacci Target: If Cardano can break out of the $1.22 to $1.23 range, the next major price target is around $1.76, marked by the 78.6% Fibonacci retracement level. This level represents an important point for further upward momentum.
Historical performance:
Looking at past trends, when Cardano was at this position on the chart, its price experienced significant increases, sometimes up to 400% compared to Bitcoin. This suggests that if Cardano continues to outperform Bitcoin, we could see huge gains from ADA in the coming months, possibly even into 2025.
