Will Cardano (ADA) Price Recover to $1 Soon?

Cardano (ADA)  has been experiencing price fluctuations in its price, painting the graph red, and plumping 2.6% in the past week. This is contrary to the market expectation of altcoins rallying whenever the BTC price increases. Bitcoin price hit all-time high on March 11 trading above $71,000 while Ethereum price crossed the $4,000 mark. As investors and enthusiasts monitor the ongoing bull run, they wonder if Cardano will also surge to $1.

Cardano Price Market Performance

Cardano price is trading at $0.7443 an increase of  0.93% in the past day.  However, its 24–hour trading volume increased 39.41% to reach 1.24 billion, showcasing a heightened trading activity. With a circulating supply of 35.55 billion ADA, the token is among the top ten cryptocurrencies with the largest market cap, holding the 8th position on CoinMarket at $26.66 billion. Although the past week has been bearish for Cardano, it has witnessed a growth of 36% over the past month and 142$ year to date. 

Price Forecast: Will Cardano (ADA) Hit $1?

Based on our technical analysis, there is a possible scenario where Cardano (ADA) could surpass its resistance level and reach $1. Several indicators support this potential outcome. To begin with, the bullish trend is evident in both the short-term and long-term moving averages, signaling positive momentum for the price of Cardano. Moreover, the MACD level (12, 26) confirms a “Buy” signal, indicating a short-term upward momentum that may aid in surpassing the resistance level.

Considering the psychological significance of the $1 mark, Cardano’s current price action and support levels indicate a feasible path for surpassing this barrier. Fibonacci analysis provides additional confirmation of this potential, as resistance levels are pinpointed above $1, indicating potential for further expansion. Nevertheless, it is essential to recognize the inherent volatility of cryptocurrency markets, implying that unforeseen events or changes in market trends could influence the timing of a breakout. Consequently, although there is a possibility for Cardano to achieve $1 soon, forecasting an exact timeline would be speculative and subject to different variables. Investors are advised to stay alert, closely observe market conditions, and take into account various factors prior to making any trading choices.

Analyst Sssebi highlights ADA’s promising weekly chart trends, noting its position above the 200-week moving average and significant green candles, signaling strong buying momentum. Sssebi predicts a potential 50-60% surge for ADA in the coming week, with smooth progress expected due to the absence of major resistance levels until $1.2. This positive outlook reflects both ADA’s current position and market sentiment, prompting speculation about ADA hitting $3 by May.

According to prominent cryptocurrency analyst Dan Gambardello, Cardano could potentially surpass the ambitious $1.5 milestone if it maintains its momentum in the current market conditions. Gambardello later illustrated his analysis with a graphic depicting Cardano’s price movement. He pointed out that the candlestick price pattern of ADA indicates a bullish trend, which could facilitate its breakthrough beyond the $1.5 threshold.

I see $1.50 ADA target 👀 pic.twitter.com/4eFFunm8Mf

— Dan Gambardello (@cryptorecruitr) March 11, 2024

Dubai Police Partnership With Cardano

Dubai Police has collaborated with Cardano Foundation to integrate blockchain technology in crime fighting,  signaling a significant step towards enhancing security measures globally. During the World Police Summit in Dubai, the police department showcased a pilot project demonstrating the secure sharing of sensitive criminal investigation data using Cardano’s blockchain technology. This move not only ensures data integrity but also promotes transparency, marking blockchain’s growing acceptance in combating crime.

The partnership underscores blockchain’s potential beyond security, with its applications extending across various sectors such as health, energy, education, and financial services. As real-world utilization of Cardano increases, similar innovative collaborations are expected to emerge, driving up the demand and adoption of Cardano’s ADA cryptocurrency.