Cardano’s native cryptocurrency, ADA, has shown a modest gain of over 3% in the past 24 hours, trading above the $1.20 mark at the time of writing. This recovery comes despite ADA losing a portion of the gains achieved earlier in the week. Analysts suggest that ADA bulls are positioning for a potential rally, with a long-term price target of $2.

Cardano Price Eye $2 Target as ADA Holds Key Support Above $1.11

According to a recent analysis, Cardano price continues to demonstrate resilience, with a key micro-support zone identified between $1.11 and $1.21. Analysts emphasize that maintaining the $1.11 level is crucial to sustaining bullish momentum. This zone acts as a pivot point, and its stability reinforces the outlook for further gains.

The broader trend for Cardano price remains upward as long as ADA stays above the $0.644 retracement level, which is tied to critical Fibonacci levels. A drop below this mark could indicate the end of the ongoing uptrend, necessitating caution among investors.

Current price action suggests that ADA price prediction may form a higher low and higher high, both of which are essential components for continued upward movement. If the current trend holds, analysts project potential targets for Cardano price ranging from $1.72 to $2.95. These levels hinge on the continuation of bullish momentum, supported by key technical indicators.

The next major confirmation for Cardano price rally would come from breaking the $1.32-$1.33 range, representing a significant previous high. Surpassing this range could pave the way for further targets, starting at $1.49 and potentially reaching $2.

Source: YouTube

The Role of Micro and Macro Support Levels

For shorter time frames, the zone between $1.11 and $1.21 serves as a critical micro-support region. Analysts assert that as long as the price remains above this threshold, the bullish structure remains intact. A break below $1.11, however, may lead to a short-term bearish scenario, though the macro trend remains optimistic above $0.644.

Macro support levels such as $0.644 are integral to ADA Prediction, as falling below this level could invalidate the broader uptrend. This makes the $0.644-$0.94 range a vital area to monitor for any major corrections.

Similarly, the MACD shows a bullish crossover as the MACD line crosses above the signal line, indicating potential upward momentum in the ADA/USD price action. The histogram also reflects this shift, transitioning from red to green, suggesting strengthening buying pressure. 

While the short-term outlook hinges on micro-support zones, the long-term Cardano prediction remains optimistic as ADA prediction eyes $2 and beyond.

More so, ADA whales have significantly boosted their accumulation during this bull run, purchasing $276 million worth of Cardano tokens recently. Notably, 100 million ADA tokens were acquired in just 24 hours, reflecting growing confidence among large investors. This surge in whale activity, coupled with increasing retail interest, underscores strong demand for ADA as the altcoin season gains momentum.

The post Analyst Reveals Critical Targets As Cardano Price Eyes $2 appeared first on CoinGape.

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Filed under: News - @ December 7, 2024 3:27 pm