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Cardano price has gained more than 22 percent in the last 24 hours and is trading above the $1 level at the time of writing. Having surged by 44 percent in the past seven days, Cardano has experienced a major upward movement in price.
This surge comes after the announcement that Gary Gensler, the former head of the SEC, is stepping down. Cardano, like many altcoins, had previously been labeled a security by the SEC, which caused bearish sentiment. However, with Gensler’s departure, many investors are now seeing it as bullish news, leading to increased demand for Cardano. Here’s a price breakdown by analyst Josh of Crypto World.
Breaking Key Resistance Levels
Currently, ADA’s price is breaking through a crucial resistance level at the 50% Fibonacci retracement, which was previously a strong barrier. This level was around $0.83, and surpassing it is a very positive signal for Cardano’s price action moving forward.
Next Price Targets
Looking ahead, the next major target for Cardano is the golden pocket region, between $1.13 and $1.22. This range could act as a resistance zone, but if Cardano manages to break through it, the price could reach as high as $1.76, which aligns with the 78.6% Fibonacci level.
Short-Term Bullish Continuation Pattern
The price could continue its upward movement. The price target for this pattern sits around $1.18, marking a 43% potential move from the breakout point. Even at the current levels, there’s still a possible 133% increase to reach the pattern’s target.
Cardano vs. Bitcoin
ADA is outperforming Bitcoin at the moment. When this chart is bullish, it suggests that Cardano is rising faster than Bitcoin. Historically, every time Cardano has reached this support level, it has seen explosive gains against Bitcoin, potentially over the next few months and into 2025. The last two times this happened, Cardano’s price soared by over 400%, a 5x gain. While past performance isn’t a guarantee of future results, the odds are favorable for Cardano to continue to outperform Bitcoin in the coming months.