Cardano (ADA) price has crossed the psychological $1 threshold. This marks a significant milestone, demonstrating renewed bullish sentiment in the cryptocurrency market.
Over the past 24 hours, ADA has gained 10.98%, reaching a high of $1.034. Trading volume surged and market confidence grew.
Analysts and traders are closely monitoring this development, which signals the potential for further upward movement in ADA’s price.
Cardano Price Surpasses $1 Amid Strong Market Activity
This is evident from the recent price rally of Cardano as the market activity has also picked up in the recent past.
ADA is currently trading at $1.03 after having ranged between $0.932 and $1.034 within the past 24 hours. This is a significant level of $1. It is considered as a major level of market perception change in the direction of the market.
The surge has taken Cardano’s market capitalization to $36.34 billion within a single day with a 10.93% increase. Also, ADA has seen its 24-hour trading volume move up to $1.48 billion, a 16.31% rise.
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Technical Analysis Highlights Key Levels
Cardano’s chart indicates a significant bull trend with price piercing critical barriers. Traders have noted that $1.00 is a key level for the token, and is currently providing support after the recent price surge.
Another support level is seen at $0.98 which may act as a support and prevent the price from falling further
On the flip side, ADA has an initial hurdle at $1.05 with $1.10 being a clear level to check how strong this rebound is. A break above these levels could lead to more gains .
The trading volume has also played a big role in this price action. As for the volume, it showed an increase of 16.31%, which is an indication of active buying pressure supports the price movement.
Market Sentiment and Historical Patterns
The breakout above $1 has provided positive sentiments among the investors and analysts. Cardano’s ability to regain this level is considered bullish, especially given the overall bullish trend in the cryptocurrency market.
The increasing trend of trading volume indicates more investors are getting ready to seize further rise in the price.
Historical analysis also confirms the present bullish view of the market. Analyst Ali’s chart shows how Cardano has been experiencing a cycle of accumulation and a breakout.
Within the 2018-2020 cycle ADA was trading sideways for 670 days before a breakout that saw it surge past 4000% to an all time high of $3.085 in 2021.
The same pattern has followed in the year 2022-2024, with ADA experiencing a 457 day consolidation prior to the current breakout.
With this cycle, ADA may be expected to rise by 2,210%, which means it could hit $6.102 by the middle of 2025.
What Next for Cardano Price?
From technical and market analyses, Cardano is set to rise in the near future. A break above $1.05 could push ADA to $1.10, while more gains may be on the cards should volume and interest continue to hold up.
A break through these resistances will only add strength to the bullish outlook that ADA could be on its way to rally towards $3.085 or even higher.
But a break below the $1.00 level could wear a retracement with the $0.98 and $0.95 levels being the key levels of interest.
While such a pullback may well halt short term upward action, the overall market structure is still positive for long term gains.
