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Cardano Price Prediction: Can ADA Coin Uplift Gains to $1 Mark?

The Cardano (ADA) coin signifies a breakout and has reversed from the support zone of $0.4500 and surged over 60% in the past weeks. The coin has gained momentum and is willing to fetch the round mark of $1 soon. The trend is intact, and buyers are showing their intent to lift the gains. Following the crypto market rally, the positive sentiments led the ADA coin to lead a breakout, revealing investor interest.

Despite the recent correction of the ADA coin, bulls managed to hold out the gains, and a significant reversal was noted. The technicals are reflecting the bullish sentiments and are indicating an uptrend ahead. The price action shows that the coin has surpassed the major hurdle of $0.6800 and is sustaining above the horizontal range, exhibiting the rebound. Per the Fib levels, the coin has escaped the 50% zone and is 

The Cardnao coin (ADA) price was $0.7353 at press time, with an intraday gain of 6.75%, showing bullishness on the charts. Moreover, the trading volume has increased by 27.78% to $1.24 Billion. The Cardano price has a weekly return ratio of 25.78% and 47.31% on a monthly basis. The pair of ADA/BTC is at 0.0000118 BTC, and the market cap is $26.93 Billion. Analysts are bullish and suggest that the ADA coin signals an optimistic trend, and a significant rally can be seen in the upcoming sessions.

The Cardano Price Displays Rounding Bottom Breakout: Can ADA Retain the $1 Mark?

Cardano Price
Source: ADA Price Chart By TradingView

The coin price has glimpsed a rounding bottom breakout on the daily charts. It sharply crossed the horizontal neckline of $0.6800, and a massive spike was noted. The price action signifies the bullish momentum and rise in the trading volume, which confirms a rally ahead.

The Relative Strength Index (RSI) curve stayed near 76 and shows the overbought status, signifying the uptrend. Similarly, the MACD indicator shows a bullish crossover and formed green bars on the histogram, revealing the outperformance on the charts. The technicals are giving a buy signal, and a bull rally can be seen shortly.

ADA Exhibits Double Bottom; Will the Rally Begin?

Cardano Price
Source: ADA Price Chart By TradingView

On the weekly charts, the coin has witnessed a double bottom formation and a rebound from the demand zone of $0.2500, recovering over 180% in the last three months. ADA price has retained the neutrality and exited out of the correction phase. Additionally, the buyers are looking aggressive and are targeting to extend the pullback to claim $1soon.

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Summary

The Cardano coin (ADA) price has exhibited a breakout and is sprinting the gains toward the $1 mark. Moreover, the trend is bullish, and further short-covering moves will lead to a rally soon.

Technical Levels

Support Levels: $0.7000 and $0.6800

Resistance Levels:$0.7800 and $0.8200

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.