The post Will Cardano (ADA) Price Hit $1 This Week? appeared first on Coinpedia Fintech News
Cardano is gaining bullish momentum as the crypto market continues to hit higher highs and Bitcoin is inching closer to the $100,000 mark. With the third bullish week in motion, the ADA price is nearing the $1 milestone.
Will the ongoing bull run in the ADA price trend achieve the $1 milestone? Let’s find out.
Cardano Price Analysis
In the daily chart, the Cardano price action shows a streak of bullish engulfing candles leading the bull run. Currently, it has crossed the $0.80 mark and is inching closer to the $1 price target.
In the daily chart, Cardano price action forms the fifth consecutive bullish candle. Furthermore, the recent surge accounts for a 22.87% surge in the last four days. However, in the last 17 days, with just two bearish candles, the ADA price has surged by 165% from the low of $0.32.
The growing bullish influence has led to a positive crossover between the 100-day and 200-day EMA after the recent golden crossover. The MACD indicator shows a positive trend in the MACD and signal line with a surge of bullish histograms. Hence, the technical indicators maintain a buy signal for Cardano.
Will Cardano Hit $1?
Based on the weekly chart, the recovering rally is challenging the 23.60% Fibonacci level with a rounding multiple reversal. The bullish breakout of this Fibonacci level will likely prolong the rally to $1.25 or the 38.20% Fibonacci level. Compared to its all-time high of $3.16, the altcoin is at a discount of nearly 72%. Therefore, the altcoin shows massive room for growth if the bullish trend continues.
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FAQs
What is Cardano’s current price and recent performance?
Cardano is trading above $0.80, up 165% over the past 17 days, with a 22.87% surge in the last four days.
What are Cardano’s key price targets?
Immediate targets include $1 and $1.25, aligned with the 23.60% and 38.20% Fibonacci levels, respectively.
What supports Cardano’s bullish momentum?
A golden EMA crossover, bullish MACD signals, and consistent bullish candles indicate continued upward momentum.