Cardano (ADA) has been on a tear, surging nearly 25% in the past 24 hours to trade at $0.72. This significant price increase has pushed Cardano’s market capitalization above $25 billion, positioning it for a potential new all-time high.
A Technical Analysis
A closer look at the daily chart reveals a strong bullish trend. A double-bottom reversal at $0.32, coupled with a breakout from a long-standing resistance trend line, has fueled the recent rally. This uptrend has already yielded a 125% increase in Cardano’s price.
Technical indicators are also painting a bullish picture. The 50-day and 200-day Simple Moving Averages (SMAs) have crossed over, signaling a bullish trend reversal. The 100-day SMA is also on an upward trajectory. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a significant surge in bullish momentum with positive histograms resurfacing.
A Look Ahead
Based on Fibonacci retracement levels, a continued bullish trend could propel Cardano’s price towards the 1.272 and 1.618 Fibonacci levels, which correspond to $0.992 and $1.355, respectively. However, it’s important to note that crucial support levels exist at $0.64 and $0.55.
As the crypto market continues to rally, Cardano’s strong performance and bullish technical indicators have positioned it for further gains. While a $1 price target in 2024 remains a possibility, investors should exercise caution and conduct thorough research before making any investment decisions.
Also Read: Cardano [ADA] Soars 51% in a Week to $0.66: Is a Breakout Towards $0.90 on the Horizon?
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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