Cardano (ADA) Price Analysis: Is ADA on Track to Hit $2?

With the crypto market reaching $3.34 trillion, a massive jump of 44% over the past 24 hours, Cardano has topped the $1 psychological mark. Currently, the ADA has an exchange price of $1.089 and has surged nearly 24% in the past 24 hours. 

As the market cap crosses the $37 billion mark, the underlying sentiments present the next price target at $2.00. Will the ongoing rally result in a 100% surge in ADA price in this bull market? Let’s find out in Coinpedia’s latest Cardano price analysis. 

In the daily chart, the ADA price trend shows exponential gains in a parabolic manner. Starting from the $0.32 mark, the altcoin has now surged by nearly 235%. The bullish influence has resulted in a golden crossover and a positive crossover between the 100-day and 200-day EMA lines. 

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Moreover, the MACD and signal lines experience a new uptick as the bullish momentum grows. With six consecutive bullish candles, the altcoin has increased by nearly 60% this week. 

Speaking of the entire bull run, the altcoin has registered only two negative candles over the past 19 days and has surged by 235%. 

Will Cardano Hit $2?

Based on the Fibonacci levels, the exponential rally has crossed the 1.272 Fibonacci level at $0.9928 and is now heading to challenge the 1.618 level. The next Fibonacci resistance level is $1.35, and the current price trend will likely continue within this range. 

A bullish breakout will increase the likelihood of reaching the $1.92 mark. On the flip side, the $0.9928 remains a crucial support. A breakdown below this will challenge the $0.8669 and $0.7757.

Will Cardano reach $10? Find out NOW in Coinpedia’s Cardano price prediction, and subscribe to us for the latest crypto updates. 

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