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02/29/2024

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Cardano Price Prediction: Breakout Run Eyes ADA Price At $1

With the Bitcoin price reaching the $64,00peak, the crypto industry crosses the $2.30 Trillion mark with altcoins roaring. Amidst the top coins, the ADA price is gaining momentum for a breakout...

Cardano Price Prediction: Breakout Run Eyes ADA Price At $1
ada

With the Bitcoin price reaching the $64,00peak, the crypto industry crosses the $2.30 Trillion mark with altcoins roaring. Amidst the top coins, the ADA price is gaining momentum for a breakout rally. 

Escaping the falling channel followed by a successful retest of $0.57, the altcoin is racing to a new 52W high. In this recovering market, will Cardano reach the $10 mark? Check out our Cardano price predictions to find out. 

Source: TradingView

With a bullish takeoff from the $0.57 retest, the ADA price is making a streak of green candles and accounts for 18%. Further, the recovery rally is challenging the previous peak formation at $.682 for a new 52-week high.

Currently, the ADA price trades at $0.675 with an intraday growth of 7.31%, which projects a potential bullish breakout. Further, the 134% hike in the intraday trading volume supports the ongoing frenzy. With a market cap of $24.25 billion, Cardano ranks at #8 amongst the top coins. 

As per the Fibonacci levels, Cardano is ready for a new peak, which can result in the rounding reversal breakout. In such a case, the bull run is inevitable. 

Technical indicators:

MACD Indicator: With the ongoing reversal, the MACD and signal lines are diverging for a bullish crossover. This marks a trend reversal in Cardano’s price trend and teases a bullish jump. 

Also Read: Will These Top Meme Coins Give 100% Rally This Week?

Will ADA Price Reach $1?

With the bulls out of control, the crypto market is rising to new heights and teasing a strong recovery in altcoins. In this bull market, the breakout rally of $0.70 can boost the ADA price to new heights and potentially reclaim the $1 mark. 

Therefore, closing above the $0.70 mark will signal an entry spot for sideline traders. 

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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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