Cardano

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Bitcoin

The post <a href="https://coinpedia.org/price-analysis/how-high-can-cardano-price-rally-this-bull-run/" rel="noopener noreferrer nofollow">How High Can Cardano Price Rally This Bull Run?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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.&nbsp;
<h2 class="wp-block-heading" id="h-cardanoada-price-displays-a-bullish-price-action">CardanoADA Price Displays A Bullish Price Action!</h2>
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 <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">ADA coin price</a> successfully broke out of the resistance level and recorded a jump of 62.38% over the next seven days.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Ht3ayrMgpnXSNzoAq6sRrv1LlLyPul01kcgLSNx9GNFbng8-ptE1fB0ypaIrmsG--5_GAK6IvSj-pHANXd4CAxQWQ-D4xJMcN1MHq39oGDaDXdStBNJnA2nDBcR5J6bccfn_x62Nq7Dy1iKLbbDxAMU" alt="ADA Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ADA/USDT
 </figcaption>
</figure>
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.
<h2 class="wp-block-heading" id="h-will-ada-price-reach-1">Will ADA Price Reach $1?</h2>
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.

How High Can Cardano Price Rally This Bull Run?

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