Cardano Price Forecast: Is $10 Within the Reach After ADA Crossing $1?
Highlights:
- Cardano price pumps 202% in a month, as rising trading volume suggests increased interest in ADA.
- Technical analysis shows a bullish trend, with ADA trading within a rising parallel channel.
- Crypto analysts say that if the ADA price breaks and holds $1.14, it will reach $2.77.
The Cardano price has been boasting green candles galore. At press time, the ADA/USD was up 1% to trade at $1.09. Cardano has recently reached an eight-month high, crossing the $1 threshold, propelled by the trading volume of $44.99 billion. Technical analysis shows a bullish trend, with ADA trading well within an ascending channel. Moreover, DeFiLlama data shows a rise in TVL, boasting $678.48 million.
Its daily trading volume has exploded by over 145%, hitting $44.99 billion, and its market cap has spiked to $38.56 billion. This signals increased interest in the token as investor confidence bolsters. ADA is now up 2% in a week, 202% in a month, and 176% in a year. Crypto analysts are notably optimistic, as Cryptorecruitr notes that ”if the ADA breaks and holds $1.14, it will reach $2.77.”
“If $ADA can break and hold $1.14
It’s going to $2.77” https://t.co/BnroqC8uyH— Dan Gambardello (@cryptorecruitr) December 1, 2024
Cardano Statistical Data
Based on CoinmarketCap data:
- ADA price now – $1.09
- Trading volume (24h) – $3.72 billion
- Market cap – $38.56 billion
- Total supply – 44.99 billion
- Circulating supply – 35.09 billion
- ADA ranking – #9
Cardano (ADA) is predicted to reach $10 by the end of the current cycle. Analysts believe ongoing upgrades and growing DeFi adoption will drive this growth. Currently, the Cardano price trades well within a rising parallel channel, giving the bulls the upper hand.
The Golden Cross in the market also reinforces the bullish outlook, depicting a long-term bullish sentiment. The 50-day MA, positioned at $0.58, provides dynamic support, and the long-term (200-day) MA is at $0.43. The ADA price trades well above both MAs, indicating sustainable bullish momentum.
The odds continue to favour the upside, supported by multiple technical indicators. The Relative Strength Index (RSI) is above the mean level of 50, at the 73.58 overbought region, showing rising momentum. It is prudent for traders to be cautious as this position indicates a pullback is imminent. Elsewhere, renowned analyst @ali_charts on X says Cardano price could be heading for a 20% correction. A close below $1.10 signals a trend shift, while a drop under $1.03 confirms a bearish breakout to $0.88.
#Cardano $ADA could be heading for a 20% correction. A close below $1.10 signals a trend shift, while a drop under $1.03 confirms a bearish breakout to $0.88.
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— Ali (@ali_charts) December 2, 2024
The Moving Average Convergence Divergence (MACD) is also in positive territory, pulling away from the sell signal. This indicates that buying momentum exceeds selling pressure. Moreover, if the support levels hold intact, bulls could seize the opportunity to push the ADA price higher.
Cardano Price Technical Indicators Suggest a Slight Retracement
Based on the daily chart timeframe, the ADA bulls have the upper hand, quashing their seller counterparts. However, traders should be prepared for a possible pullback or consolidation phase, as overbought conditions on the RSI suggest the market may need a cooling off.
In such a case, a slight retracement may cause the ADA price to chase the $0.94 support level as the bulls sweep through liquidity. Increased selling pressure will cause the altcoin to retest the $0.81 support level before a substantial leg up. On the other hand, if the bulls sweep through enough liquidity, they could trigger a rally reaching $2.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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