The crypto industry continues to display a significant price action with major tokens recording massive fluctuations in their respective portfolios. Despite the ADA coin price recording a correction of 1.04% Year-to-Date (YTD), it has added over 23% over the past 30 days, indicating a rise in the bullish influence.
With a potential Altseason around the corner and the upcoming Bitcoin Halving in the coming months, the ADA coin is predicted to gain significant traction in the days ahead and possibly achieve a new high this year.
CardanoADA Price Displays A Bullish Price Action!
The Cardano’s ADA price recorded an ATH of $3.107 on 30th August 2021, following which the token started trading under a bearish influence and recorded a correction of 92.70% by 26th December 2022.
After this, the price traded in a closed range between $0.2266 and $0.3900 for the next eleven months, indicating a weak price action for the altcoin in the crypto market. As the market volatility grew, the ADA coin price successfully broke out of the resistance level and recorded a jump of 62.38% over the next seven days.
Since then, the price has been trading between $0.3900 and $0.6333 and is on the verge of testing its resistance level, the outcome of which is uncertain.
The MACD displays a constant flatline, indicating a weak price action for the coin in the market. Further, the averages show a high possibility of a bearish convergence, suggesting the price will continue losing momentum in the coming days.
Will ADA Price Reach $1?
If the market pushes the price above the resistance level of $0.633, the bulls will regain momentum and prepare to test its next major resistance level of $0.8585. Maintaining the price at that level will set the stage for ADA coin to attempt to test its target price of $1 in the upcoming months.
Conversely, if a trend reversal occurs, the Cardano price will lose momentum and fall to test its support level of $0.500.
Moreover, if the bears continue to dominate the market, it will plunge and test its crucial support level of $0.3900 in the coming time.