Cardano could reach US$1.00 by the end of the month, says analyst
The price of ADA, the cryptocurrency that powers the Cardano network, reached new heights in the last 24 hours, riding a wave of optimism in the cryptocurrency market. According to CoinGecko, ADA appreciated by more than 10% this Friday morning (22) and had the second biggest increase in the Top 10.
As a result, ADA reached its highest value since 2022, breaking several resistance levels, and reached $0.90. Just like Bitcoin (BTC), Cardano is expected to break the US$1.00 barrier by the end of November. Could this happen?
Close to US$1.00
ADA price rose to $0.90 and reached its highest value in more than two and a half years. This marks a significant milestone for the cryptocurrency, which has shown impressive growth in the market.
The recent rally represents a 133% price increase over last year, driven by growing interest in blockchain innovations. At the same time, regulatory changes in the United States caused optimism among traders, who returned to betting on Cardano.
Analysts suggest that the bullish momentum could take the cryptocurrency closer to the $1.00 milestone. Market trends and strong community support contribute to the token's upward trajectory.
Bitcoin (BTC) approached the $100,000 milestone for the first time, crossing $99,000 early Friday. And just like the largest cryptocurrency on the market, ADA is expected to break a strong psychological price level.
Cardano (ADA) Analysis
Cardano's price has had a standout performance, with its market cap reaching $32 billion in recent weeks. This made ADA consolidate itself once and for all in the Top 10 and record almost double the market value of Tron (TRX), which occupies 11th position.
This week, the price of ADA jumped more than 40%, a return that is second only to XRP. These gains have increased following the 10% rise of the last 24 hours.
In technical terms, the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart shows a positive crossover. The MACD line is above the signal line, indicating buy signals.
Whale activity in stablecoins significantly correlates with Cardano price movements. Large investors with more than $5 million increased their holdings, causing price fluctuations.