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Cardano – Why ADA’s rally to $1.20 may be just beginning
The cryptocurrency market has been witnessing some remarkable movements lately, with Bitcoin and Ethereum both seeing significant gains over the past few days. Cardano (ADA) has also followed in their footsteps, and it appears that the altcoin is likely to continue its upward trajectory.
Over the past 24 hours, ADA’s price has seen a substantial increase of 4.88%, which is nothing short of impressive considering the current market conditions. In addition, the daily trading volume has increased by an astonishing 74%, which further reinforces this bullish sentiment.
In order to better understand the potential for further growth in Cardano’s price, let us take a closer look at its chart analysis. According to the technical indicators and the overall price action on the 1-day chart, it appears that the short-term bias remains firmly in favor of the bulls. As long as ADA stays above the $0.755 level, there is no reason why we should not expect this rally to continue.
A more detailed examination of the chart reveals a number of key levels and zones of support. For instance, I have plotted Fibonacci extension levels at $1.03 and $1.2 on the 1-day chart, which align relatively well with strong horizontal resistance lines from November to December 2024.
Source: ambcrypto.com
