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XRP Price at ATH, Will Cardano Price Hit $1 in the Next 24 Hours?
As Ripple’s XRP surges to a new all-time high (ATH), the cryptocurrency market is abuzz with excitement. While XRP’s price has reached unprecedented levels, another altcoin is making waves – Cardano (ADA). With a staggering 15.55% increase in just 24 hours and a whopping 24.88% on the week, Cardano enthusiasts are wondering if the price will hit $1 in the next 24 hours.
The answer lies in understanding the underlying factors driving this surge. Amidst an ETF optimism fueled rally, Grayscale’s increased allocation towards ADA has injected fresh capital into the market. Additionally, a broader altcoin rotation is underway, with high-beta assets such as Cardano taking center stage.
Turning our attention to the charts, it becomes clear that Cardano’s price has already broken out above crucial resistance at $0.83. This move is accompanied by an impressive 4-hour chart showing tight Bollinger Band expansion, further solidifying the upside potential. With momentum intact and the Relative Strength Index (RSI) still sitting at a respectable 76.69, it seems like the market could potentially push ADA towards the $1 psychological barrier over the weekend.
Of course, this is not without its caveats. Short-term supports are starting to form around $0.76, with a deeper safety net located at $0.655. Meanwhile, the Bollinger Bands’ middle line (20-SMA) at $0.7678 has morphed into dynamic support in the event of minor corrections.
On the daily time frame, ADA has successfully confirmed a breakout from an extended descending channel. The next major technical target for Cardano is situated at $1.17, stemming from February’s failed rally attempt. However, as long as the price sustains above $0.83-$0.85, the overall bias remains bullish.
When asked about their expectations on ADA hitting $1 in the next 24 hours, experts are divided. While some believe the surge is unsustainable and a correction is imminent, others are convinced that the asset’s fundamentals will propel it to new heights.
As we anxiously await the next 24 hours, one thing is certain – Cardano’s price has never been more volatile. Whether or not ADA hits $1 remains to be seen, but what is evident is that this coin is no longer the quiet underdog of the crypto world.
Source: coinpedia.org
