Cardano Eyes 300% Gain: Can ADA Break Above $1.0 Again?
The post Cardano Eyes 300% Gain: Can ADA Break Above $1.0 Again? appeared on BitcoinEthereumNews.com.
Cardano (ADA) has surged over 16% in a week, breaking $1 and hinting at a potential 300% rally to $4. With ADA breaking all major SMAs, rising trading volumes, and strong market sentiment, its bullish momentum faces $1.26 resistance. Cardano (ADA) has been gaining significant attention, with its price gaining a notable 12% in just 24 hours, breaking past the $1 mark. Over the past week, its value has jumped more than 16%, catching the attention of both seasoned investors and crypto newcomers. Analysts are eyeing a potential rally of 300%, which could see ADA soaring to $4 in the coming weeks. This sudden surge resembles patterns from 2021 when ADA underwent a massive bull rally. Crypto analyst Ali Martinez points to striking similarities between the current technical setup and ADA’s performance from late 2020 to mid-2021. During that period, Cardano experienced a sharp ascent, further fueling speculation that history may repeat itself. Source: Ali Martinez Cardano Breaks All Major SMAs — Bullish Signal? Adding to the optimism, Cardano recently surpassed its all 50, 100, 200 days Simple Moving Average (SMA), a key indicator often seen as a bullish signal. With this breakthrough, Cardano’s next major hurdle is the $1.26 mark, which could further solidify its upward trajectory. Source: TradingView The SMA serves as a crucial milestone in Cardano’s journey, reflecting growing interest from buyers. Historically, breaking past this threshold has often triggered sustained price growth. However, resistance levels around $1.26 might test the strength of this rally. ADA’s current price action has been accompanied by increased trading activity. According to Coinglass data, its daily trading volume rose by 21.50% to $1.30 billion, and open interest grew 26% to $940 million. Notably, short liquidations in the past 24 hours surged to $3.93 million, highlighting market optimism. Market sentiment is riding…
Filed under: News - @ January 4, 2025 3:20 am