How High Can Cardano Price Rally This Bull Run?

The post How High Can Cardano Price Rally This Bull Run? appeared first on Coinpedia Fintech News

The crypto industry continues to display a significant price action with major tokens recording massive fluctuations in their respective portfolios. Despite the ADA coin price recording a correction of 1.04% Year-to-Date (YTD), it has added over 23% over the past 30 days, indicating a rise in the bullish influence.

With a potential Altseason around the corner and the upcoming Bitcoin Halving in the coming months, the ADA coin is predicted to gain significant traction in the days ahead and possibly achieve a new high this year. 

CardanoADA Price Displays A Bullish Price Action!

The Cardano’s ADA price recorded an ATH of $3.107 on 30th August 2021, following which the token started trading under a bearish influence and recorded a correction of 92.70% by 26th December 2022.

After this, the price traded in a closed range between $0.2266 and $0.3900 for the next eleven months, indicating a weak price action for the altcoin in the crypto market. As the market volatility grew, the ADA coin price successfully broke out of the resistance level and recorded a jump of 62.38% over the next seven days.

Since then, the price has been trading between $0.3900 and $0.6333 and is on the verge of testing its resistance level, the outcome of which is uncertain.

The MACD displays a constant flatline, indicating a weak price action for the coin in the market. Further, the averages show a high possibility of a bearish convergence, suggesting the price will continue losing momentum in the coming days.

Will ADA Price Reach $1?

If the market pushes the price above the resistance level of $0.633, the bulls will regain momentum and prepare to test its next major resistance level of $0.8585. Maintaining the price at that level will set the stage for ADA coin to attempt to test its target price of $1 in the upcoming months.

Conversely, if a trend reversal occurs, the Cardano price will lose momentum and fall to test its support level of $0.500.

Moreover, if the bears continue to dominate the market, it will plunge and test its crucial support level of $0.3900 in the coming time.