Cardano Surges Past $1 Mark, Analysts Predict Potential $3 Target
Cardano (ADA) Update
Cardano has surpassed $1 for the first time in months, increasing over 20% from $0.8454 to $1.01. This shift indicates renewed bullish momentum following a downtrend.
The rally coincides with a Golden Cross pattern, where the 50-day moving average crosses above the 200-day moving average, historically leading to significant price increases. In late 2024, this pattern resulted in a 236% rally for ADA. If similar gains occur now, a target of $3 is being discussed.
Technical Analysis
- Immediate resistance at $1.17–$1.18; a close above could lead to $1.24–$1.43.
- Key psychological levels include $1.50 and $2.00 before aiming for $3.
- RSI above 50 and MACD bullish crossover support a positive outlook.
- Support level near $0.84, where buyers consistently enter.
Market Sentiment and Predictions
Traders express optimism about ADA's setup, with predictions suggesting a potential rise to $3 in under a month if momentum continues. Some analysts foresee prices exceeding $3 if breakout volume remains strong. However, short-term pullbacks may occur at major resistance levels due to overbought conditions.
ADA's reclaiming of $1 is seen as a victory for bulls, setting up a potentially explosive run.