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Title: XRP Price at ATH, Will Cardano Price Hit $1 in the Next 24 Hours?
Ripple’s XRP has just achieved a new all-time high (ATH), and the crypto market is abuzz with the latest price action. In light of this development, many are wondering if Cardano’s price will follow suit by hitting $1 within the next 24 hours. As we dive into the current market trends and technical analysis, let’s explore whether such a surge is possible.
Firstly, it is essential to acknowledge that Cardano has staged a powerful recovery, breaking through key resistance levels with renewed bullish momentum. At the time of press, the price is up 15.55% in 24 hours to $0.8699 and +24.88% on the week. The surge has been accompanied by an impressive volume surge to $3.23 billion and a market capitalization increase to $30.78 billion. The driving forces behind this rally appear to be a mix of ETF optimism, Grayscale’s increased allocation towards ADA, and a broader altcoin rotation that is putting high-beta assets back in focus.
Turning our attention to the weekend price analysis for Cardano, it is evident that the breakout above the psychological resistance at $0.83 marks a critical bullish shift. The 4-hour chart showcases strong follow-through with tight Bollinger Band expansion, further solidifying the upside volatility. Notably, current resistance lies within the range of $0.88-$0.90, but with momentum intact and RSI still at 76.69, the market might propel ADA towards the $1 psychological barrier over the weekend.
In the event that a minor correction occurs, short-term supports are fortifying themselves at $0.76, with a deeper safety net around $0.655. Furthermore, the Bollinger Bands’ middle line (20-SMA) at $0.7678 functions as dynamic support if a pullback takes place.
Looking at the daily timeframe, Cardano has successfully confirmed a breakout from a long-standing descending channel. The next major technical target for this digital asset lies at $1.17, originating from February’s failed rally. As ADA remains above $0.83-$0.85, its bullish bias is maintained.
Source: coinpedia.org
