Breaking through resistance levels, Cardano (ADA) has exhibited remarkable resilience in its recent price surge. Over the past month, the altcoin has demonstrated an impressive 40% increase, indicative of growing investor confidence. This positive trajectory is further highlighted by a steady 2% gain in the past week, emphasizing Cardano’s potential for sustained growth.
Bullish Momentum Signals: Analyst Projects ADA To Reach $3
Crypto enthusiasts are turning their attention to Cardano as it approaches a crucial resistance level. Notably, Sssebi, a prominent crypto analyst, is optimistic about ADA’s future trajectory.
Drawing parallels with Bitcoin’s recent all-time high, Sssebi predicts that Cardano will likely follow suit. Technical analysis supports this sentiment, suggesting that ADA is poised for a significant move toward challenging the $0.75 resistance level.
With market dynamics aligning favorably, investors are expected to show increased interest, propelling ADA further upward.
$ADA is getting ready for another retest of the $0.75 resistance!
Considering that Bitcoin broke it’s ath and will be trending upwards, $ADA is destined to do the same.
In the next weeks we will see $ADA smash through $1 like it was nothing.
$2-$3 this summer highly likely! https://t.co/u9cG3bUq7e pic.twitter.com/4Nn6gtlYHc— Sssebi🦁 (@Av_Sebastian) March 9, 2024
Summer Surges: ADA’s Potential To Reach $2-$3 Unveiled
Looking beyond the immediate future, Sssebi’s bullish outlook extends into the summer months. The analyst anticipates that ADA could achieve impressive price levels ranging from $2 to $3.
This positive projection aligns with the ongoing bullish momentum in the cryptocurrency market, fueled by Bitcoin’s continued upward movement. With such promising prospects, Cardano seems poised to capitalize on the current market sentiment and elevate its price effortlessly.
Meanwhile, amidst the bullish outlook, Cardano is currently valued at $0.74, boasting a robust trade volume of $992 million over the past 24 hours. The altcoin’s market capitalization stands at approximately $25 billion, underlining its significance in the crypto space.
ADA market cap currently at $26 billion. Chart: TradingView.com
The recent 2.75% increase in price over the last day further suggests that Cardano continues to attract attention and holds the potential for further growth.
The significance of the upcoming weekend cannot be understated, as Cardano attempts to breach the resistance levels that proved challenging in the aftermath of the Terra ecosystem collapse in May 2022.
A successful breach could pave the way for a swift ascent beyond the $1 mark. Investors are closely monitoring this critical juncture, with the hope that Cardano will overcome historical hindrances and continue its upward trajectory.
ADA seven-day price action. Source: Coingecko
Cardano Daily Active Addresses Hits Yearly Peak
In the midst of these developments, Cardano’s daily active addresses has just reached a new yearly high of 76,440, data from Santiment shows. This surge coincided with efforts to recover from a massive drop observed during the previous trading day, signaling increased activity and interest in the ADA network.
Despite projections suggesting an average ADA price of around $0.72 in March 2024, fluctuations are expected. Cardano’s price may experience lows around $0.663 and highs approaching $0.78.
Source: Santiment
The composite analysis of technical indicators by Changelly indicates a predominantly bullish market sentiment, with only a small 10% bearish outlook. The Fear & Greed Index, standing at 81, underscores the extreme greed among investors in the current crypto landscape.
Cardano’s recent breakout and optimistic projections indicate a positive turn for the altcoin. As it faces crucial resistance levels, investors are watching closely, with expectations of further gains.
Sssebi’s forecast adds fuel to the bullish sentiment, painting a picture of ADA reaching new heights in the coming months.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView