Is Cardano Prepping for Bull Run as Price Affirms Hold Above $1?

• Cardano price has surged by 7.94% in the last 24 hours after recent minor dips. 
• The altcoin’s daily trading volume shows a decline of 23.60% as per CMC data.

With the crypto market resisting a price slump, altcoins have continued in their upward movements. Meanwhile, other digital asset categories such as the US spot Bitcoin ETFs have set new records. The spot Bitcoin ETF has hit a new high in monthly flows as per reports. On the other hand, altcoin Cardano has caught market attention. 

The altcoin, after its most recent dip, has bounced back in the last 24 hours. According to CMC data, Cardano (ADA) shows a 7.94% price increase. In the afternoon hours of November 29, the altcoin was trading at a low of $0.98. After which it fell further to hit intra-day lows before bullish candles took over. At the time of writing, ADA was trading at $1.0665. 

Zooming out, over the past week, Cardano’s price has surged by 23.65%. This caused the cryptocurrency to break its long-term resistance at $1. During the course of the week, Cardano exhibited increased volatility that caused the token to fall to support below $1. 

However, this recent upward movement suggests that the token might stage a bull run in the coming days. Furthermore, in November alone, Cardano’s price has traversed from a low of $0.3 to current levels. This has resulted in a 200% surge while the token’s YTD stands at 78.40%. 

Will Cardano Price Hit $2?           

On inferring Cardano’s technical indicators, they show positive signs. The altcoin’s Moving Average Convergence Divergence (MACD) signal line stands above the MACD line. This indicates a positive trend and thus advocates for an incoming bull run. 

Moreover, the altcoin’s bull power indicator value resides at 1.14. On the other hand, its bear power indicator’s value is -0.85 as per TradingView data. This shows the bulls having an upper hand against the bears and thus highlighting chances of upward movements further. 

Meanwhile, the other altcoins such as XRP and Solana have also shown upward movements in the last 24 hours. 

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