The crypto market has been experiencing constant volatile price movements over the past few days. This has created a fear, uncertainty, and doubt (FUD) situation in the crypto space. Moreover, the price of the market leader Bitcoin is currently at $59,168, which represents a 24-hour change of -2.27%.
However, the Cardano price has regained momentum and has been trading under a bullish sentiment since the last week. Moreover, the ADA price is expected to witness a significant price movement with the upcoming Chang hard fork update.
Are you considering buying this altcoin to reach the $1 mark? Then dive in because this article is for you. Scroll down to know the price history and possible short-term price targets of the Cardano (ADA) token.
ADA Coin is about to retest its key resistance level
With the increasing volatility in the cryptocurrency market, Cardano price had formed a falling wedge pattern and continues to trade inside this pattern since mid-April. Moreover, it has formed a support/resistance zone around the $0.330 level after successfully testing its support trend line.
Notably, this altcoin is up 2.24% in the last day and 3.44% in the last seven days with a trading volume of $272.824 million. With a market capitalization of $12.633 billion, the ADA price has secured the 11th spot on the global cryptocurrency list.
Cardano market sentiment
The Simple Moving Average (SMA) has seen a bullish convergence on the 1D time frame. This indicates an increase in buying pressure for the ADA cryptocurrency in the market.
Moreover, the MACD indicator shows a constant increase in the green histogram with a strong bullish movement in its averages, highlighting that the altcoin will continue to gain value this week.
Will ADA price reach $1 in 2024?
If the market continues to gain momentum, the Cardano price will move towards its resistance trend line of the falling wedge pattern. Assuming the bulls keep the coin’s value above this level, in this case, this altcoin will prepare to test its upper high of $0.4075 in the coming period.
For the Cardano price (ADA) to reach the $1 mark, a price increase of 185.067% would be required considering the current price of $0.3508. On the other hand, if the bears continue to dominate the crypto market, the Cardano token will fall to a new yearly low.
