Cardano Network Grows Strong, Projects ADA Price Prediction Beyond $1

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With an early bullish reversal, the ADA price is teasing a trend reversal rally in the daily chart. Further, Cardano is ready to boost with a breakout trend and recover the lost levels with the intent to challenge the previous peak of $0.66.

Taking a wider market outlook, the Bitcoin price sustains the recovery momentum and is ready to enter the “Post-Halving Rally” next week. With gradually improving sentiments and rising anticipations for a bull run next week, Cardano eyes the $1 mark this run. 

With the increasing bullish expectations, will Cardano reach the $10 mark? Find out NOW in our Cardano price prediction. 

Buyers Crackdown 50D EMA Fuels Channel Breakdown

Source – Tradingview

As mentioned in our previous article, the ADA price reverts from the overhead resistance in a falling channel pattern. However, as the markets take on the recovery road, Cardano prices take a quick reversal with lower price rejection. 

With such a sharp trend reversal, the 2.19% intraday growth in ADA price leads to a bullish engulfing candle. Currently, Cardano trades at $0.514, with a 66% rise in the intraday trading volume. 

Further, the rising trend results in the bullish breakout of the falling channel pattern, leading to a potential release of the trapped momentum. 

Technical indicators:

RSI indicator: The daily RSI line surfaces above the halfway line and reflects a surge in the underlying demand. Hence, the rising momentum bolsters the possibility of an uptrend. 

Will ADA Price Reach $1?

The Cardano network is finding a surge in network health with the rise in active users and transaction count. Further, as the ADA price is ready to cross above the 38.20% Fibonacci level and the reclamation of the $0.50 mark, the buyers are ready for a breakout run. In such a case, the Cardano price trend can reach the $0.66 mark for a breakout attempt. 

On the downside, a drop below the support trendline can test $0.40.