The Cardano price has increased more than 8% over the last 24 hours to trade at $0.447 as of 3:00 a.m. EST as its total market value draws closer to $16 billion.
ADA saw its market capitalization soar by over $1 billion in just 24 hours from a low of $14.87 billion on Dec. 6 to today’s intraday high of $15.89 billion. This signals a new wave of buying pressure.
ADA One-Month Graph Market Cap
At the time of writing, Cardano’s market cap was at $15.823, cementing its position 8th-largest cryptocurrency by valuation, on the CoinMarketCap ranking.
The latest rally saw the Layer 1 token rally from a low of $0.417 on Wednesday to a peak of $0.456 reached during the early Asian trading hours on Thursday, representing a 9% gain. The move has added further momentum to a revival that has now brought ADA more than 89% off its mid-October lows.
Trading volume for ADA has also surged over the past 24 hours soaring to $774 million—a staggering 38% increase, according to data from CoinMarketCap.
As markets pause to take a breath amidst the ecstatic run witnessed this past week, ADA appears poised to capitalize further on any pullback should traders maintain conviction during moments of hesitation.
Cardano Price Analysis – Key Levels to Watch
ADA price trades in a fourth straight bullish session on the daily chart and the recent push toward April’s high above $0.46 signals the commitment among the buyers to push the price higher.
A look at the TradingView chart below suggested that the technical set-up favored the upside. The Exponential Moving Averages (EMAs) were facing upwards in a sharp trajectory. The position of these chart overlay indicators below the price showed that Cardano sat on relatively strong support on the downside.
In addition, the Moving Average Convergence Divergence (MACD) indicator was moving upwards and maintained its position above the neutral line since crossing above it on Oct. 21. This suggested that the market sentiments were still positive for Cardano.
Moreover, this trend-following oscillating indicator has sent a call to buy ADA on the daily chart. This occurred on Dec. 5 when the MACD line (blue) crossed above the signal line (orange), signaling renewed upward momentum.
ADA/USD Daily Chart
Increased buying from the current levels would see ADA rise above the April high $0.462 to confront resistance from the psychological level at $0.50. Higher than that, the next logical move in the short term would be the 127.2% Fibonacci retracement level at $0.515 and later $0.55. Such a move would represent a 25% ascent from the current price.
On the other hand, sellers could give in to their appetite and book profits on the latest rally resulting in a price correction. Key levels to watch on the downside are the 78.6% Fibonacci level at $0.41, the $0.40 psychological level and the 50% retracement level around the $0.35 area, also embraced by the 50-day EMA.
The area between $0.32 and $0.33, where the 100-day and 200-day EMAs lie provides a key breathing zone for the bulls. The 23.6% Fibonacci level at $0.291 is another area to watch. Below that, the next logical move would be mid-October’s level around $0.24. If this happens it will complete the retracement, undo all the gains and completely invalidate the bullish thesis.
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Source: https://www.analyticsinsight.net/cardano-price-prediction-ada-soars-8-adding-1-billion-to-its-market-cap/