The price of Cardano (ADA) has crossed the psychological threshold of $1. This marks a significant turning point, demonstrating renewed bullish sentiment in the cryptocurrency market.
Over the past 24 hours, ADA has gained 10.98%, reaching a high of $1.034. Trading volume increased and market confidence increased.
Analysts and traders are closely watching this development, which signals the potential for further upward movement in the price of ADA.
The price of Cardano has surpassed $1 amid strong market activity
This is evident from the recent rise in Cardan prices as market activity has also increased in the recent past.
ADA is currently trading at $1.03 after moving between $0.932 and $1.034 over the past 24 hours. This is a significant $1 level. It is considered the main level of change in market perception in the direction of the market.
This jump raised the market capitalization of Cardano to $36.34 billion in one day with an increase of 10.93%. Also, ADA saw its 24-hour trading volume grow to $1.48 billion, an increase of 16.31%.
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Technical analysis highlights key levels
Cardano’s chart indicates a significant bullish trend with price breaking critical barriers. Traders noted that $1.00 is a key level for the token and is currently providing support after the recent price spike.
Another support level is $0.98 which can act as support and prevent the price from falling further
On the downside, ADA has an initial barrier at $1.05, with $1.10 a clear level to test how strong this bounce is. A move above these levels could lead to more gains.
Trading volume also played a big role in this price action. In terms of volume, it showed an increase of 16.31%, which is an indication of active buying pressure supporting the price movement.
Market sentiment and historical patterns
The break above $1 created positive sentiment among investors and analysts. Cardano’s ability to reach this level again is seen as positive, especially given the general uptrend in the cryptocurrency market.
The increasing trend in trading volume indicates that more investors are preparing to take advantage of further price growth.
Historical analysis also confirms the current bullish view of the market. Analyst Ali’s chart shows Cardano experiencing a cycle of accumulation and breakout.
Within the 2018-2020 cycle, ADA traded sideways for 670 days before a breakout that led to a 4,000% rally to an all-time high of $3,085 in 2021.
The same pattern followed in 2022-2024, with ADA experiencing a 457-day consolidation before the current breakout.
With this cycle, the ADA can be expected to rise by 2,210%, which means it could reach $6,102 by mid-2025.
What next for Cardano Price?
According to technical and market analysis, Cardano will rise in the near future. A break above $1.05 could push ADA to $1.10, while more gains could be on the cards if volume and interest continue to hold.
A break through these resistances will only strengthen the bullish outlook that ADA could be on its way to rally towards $3.085 or even higher.
But a break below the $1.00 level could lead to a pullback with the $0.98 and $0.95 levels being key levels of interest.
While such a pullback could halt the short-term upside, the overall market structure is still positive for long-term gains.
