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02/08/2024

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Cardano Network Grows Strong, Projects ADA Price Prediction Beyond $1

With an early bullish reversal, the ADA price is teasing a trend reversal rally in the daily chart. Further, Cardano is ready to boost with a breakout trend and recover the lost levels with the intent to...

Cardano Network Grows Strong, Projects ADA Price Prediction Beyond $1
ada

With an early bullish reversal, the ADA price is teasing a trend reversal rally in the daily chart. Further, Cardano is ready to boost with a breakout trend and recover the lost levels with the intent to challenge the previous peak of $0.66.

Taking a wider market outlook, the Bitcoin price sustains the recovery momentum and is ready to enter the “Post-Halving Rally” next week. With gradually improving sentiments and rising anticipations for a bull run next week, Cardano eyes the $1 mark this run. 

With the increasing bullish expectations, will Cardano reach the $10 mark? Find out NOW in our Cardano price prediction

Buyers Crackdown 50D EMA Fuels Channel Breakdown

Source – Tradingview

As mentioned in our previous article, the ADA price reverts from the overhead resistance in a falling channel pattern. However, as the markets take on the recovery road, Cardano prices take a quick reversal with lower price rejection. 

With such a sharp trend reversal, the 2.19% intraday growth in ADA price leads to a bullish engulfing candle. Currently, Cardano trades at $0.514, with a 66% rise in the intraday trading volume. 

Further, the rising trend results in the bullish breakout of the falling channel pattern, leading to a potential release of the trapped momentum. 

Also Read: Top Reasons Why Bitcoin and Major Altcoins Are Surging Today

Technical indicators:

RSI indicator: The daily RSI line surfaces above the halfway line and reflects a surge in the underlying demand. Hence, the rising momentum bolsters the possibility of an uptrend. 

Will ADA Price Reach $1?

The Cardano network is finding a surge in network health with the rise in active users and transaction count. Further, as the ADA price is ready to cross above the 38.20% Fibonacci level and the reclamation of the $0.50 mark, the buyers are ready for a breakout run. In such a case, the Cardano price trend can reach the $0.66 mark for a breakout attempt. 

On the downside, a drop below the support trendline can test $0.40.

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Photo of Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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