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As the cryptocurrency market continues to surge, one particular coin has taken center stage – Ripple’s XRP, which has reached its all-time high. But amidst the euphoria surrounding XRP, another altcoin is quietly staging a stunning comeback: Cardano (ADA). The question on everyone’s mind now is whether ADA can hit $1 in the next 24 hours.
To put this into perspective, Cardano’s price has skyrocketed by a staggering 15.55% in the past day to reach a new high of $0.8699, with its market capitalization swelling to a massive $30.78 billion. Meanwhile, an astonishing surge in volume to $3.23 billion has further fueled this rally.
The catalyst behind ADA’s explosive growth? A perfect storm of ETF optimism, Grayscale’s increased allocation, and the broader altcoin rotation that’s placing high-beta assets back under the spotlight. So, can we expect a repeat performance by Cardano in the next 24 hours?
The technicals are looking strong for ADA, with its breakout above the psychological resistance at $0.83 marking a critical turning point. The 4-hour chart is flashing green, indicating a powerful follow-through to the upside, as evidenced by the tight Bollinger Band expansion.
In the near term, key resistance levels at $0.88-$0.90 are still in play, but with momentum intact and the RSI still sitting pretty at 76.69, it’s not impossible that we could see ADA make a push towards the coveted $1 psychological barrier over the weekend.
Of course, there are some caveats to consider – namely, short-term supports around $0.76 and a deeper safety net at $0.655 should be closely monitored for any signs of minor corrections or pullbacks.
But if we’re reading the tea leaves correctly, it seems that ADA’s incredible rally has only just begun. With a confirmed breakout from a long-standing descending channel on the daily timeframe, the next major technical target for Cardano comes in at $1.17 – a resistance level marked from February’s failed rally attempt.
The daily RSI at 83.06 is certainly flashing overbought signals, but as long as ADA remains above $0.83-$0.85, the bias will remain firmly bullish.
In conclusion, while there are no guarantees in the world of cryptocurrency, it’s clear that Cardano is on fire – and with its explosive growth, a push towards $1 in the next 24 hours isn’t entirely out of the question.
Source: coinpedia.org
