How High Can Cardano Price Rise After Crossing $1?

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How High Can Cardano Price Rise After Crossing $1?

Highlights

  • Cardano price targets $1.46, $1.76, and $2.03 amid a bullish breakout.
  • Reduced selling pressure creates rebound potential for Cardano price.
  • Technical indicators highlight mixed short-term ADA sentiment.

Cardano, a leading proof-of-stake cryptocurrency, has witnessed price surge, which is good news for the market. The broader crypto market recovery to earlier this year is drawing in this new wave of investment. Following a breakout of the crucial $1 supply, Cardano price seems to have the upside momentum in place. As momentum builds, the question remains: How much higher can Cardano climb in the evolving crypto landscape?

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Cardano Price Hit $1, How High Can ADA go?

Cardano price recently surged to $1, forming a symmetrical triangle on the daily chart. This pattern indicates a potential bullish breakout in the coming days. ADA price trades close to the lower support zone and key support is found around $0.9168. The setup is a powerful buying setup for traders looking to take the upside.

The projected targets for a breakout for Cardano are at $1.4594, $1.7574 and $2.0387. These targets represent potential gains of 37.7%, 65.9%, and 92.5%, from where the level is today.

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Why Will Cardano Rally?

Cardano price appears primed for a potential rally as key on-chain indicators show reduced selling pressure. The Network realized profit/loss chart highlights a profit-taking phase during the first week of December, which triggered selling at the local price peak. 

However, this spike has since subsided, signaling that most short-term sellers have exited. This metric tracks whether coins moved on-chain are being sold at a profit or loss.  

Source- Santiment

The 30-day MVRV Ratio reflects a similar trend. MVRV measures the average profit or loss of recently moved tokens within the last 30 days. The chart shows that MVRV slid below the neutral line, indicating that holders are no longer in significant profit. Such dips often reduce selling pressure and create opportunities for price rebounds.  

Source. Santiment

If this trend continues, the top altcoin could gain upward momentum as traders capitalize on the easing market dynamics. All eyes remain on ADA’s price movements for confirmation of a breakout.  With the surge in crypto market like BTC hovering above $105k and ETH trading around $3,900 fueling the optimism. The price of ADA is trading at $1.05, as of Monday, DEC 16th, following a notable 40% surge over the past month.

The MACD indicator shows a potential reversal. The MACD line has crossed below the signal line, indicating short-term bearish sentiment.  The Chaikin Money Flow (CMF) is currently positive at 0.17, signaling strong inflows of capital into ADA.

How High Can Cardano Price Rise After Crossing $1?
Cardano Price Chart: TradingView

If the bullish momentum continues, Cardano’s price could aim for the $2.00 resistance level, potentially targeting its ATH near $3.10. However, if bearish sentiment takes control, the asset may experience a sharp correction below $1.00.

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Frequently Asked Questions (FAQs)

1. What are Cardano's next key price targets?

Projected targets include $1.46, $1.76, and $2.03.

2. Can Cardano reach its all-time high (ATH)?

With bullish momentum, ADA could aim for its ATH near $3.10.

3. What indicators suggest a potential rally for ADA?

The 30-day MVRV Ratio and reduced profit-taking hint at a rally.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.