Will ADA Reach $1 in 2024?

Cardano price action produced a weak chart structure in the recent trading sessions. However, the price was trading above the key moving averages and reflected the buyers’ power. The bears were wary of the competition and waited for a decline to show their influence. But seeing the rise, they were closing their positions and staying on the sidelines. The buyers kept making long positions and moved steadily towards the $0.600 mark.

ADA crypto was trading at $0.604 at the time of writing with a slight drop of 3.36% for the day, showing bearishness in the last trading session. The trading volume for the day was 678.1 Million. The market cap of ADA crypto was $21.39 Billion. The ADA displayed the bulls’ strength and maintained the gains leading the way.

On the daily charts, Cardano crypto stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an advantage and have conquered the past few trading sessions. Moreover, the price prevailed in forming higher highs, and sellers were trapped during the rebound.

As per the crypto technicals, analysts maintained a buy rating, and the target price of $0.700 was recently retested, confirming the bullishness.

Technical Analysis of Cardano Crypto Price in 1-D Time Frame

Cardano has shown an overall upward trend since the beginning of December, which is clear from its moving averages and Relative Strength Index (RSI).

The RSI has also remained above the middle line, reaching around 60, implying a strong bullish momentum. Cardano’s chart analysis indicated a generally optimistic direction in recent weeks, despite the highs and lows.

Apart from the price trend, another positive indicator for Cardano is its Total Value Locked (TVL). on DefiLlama, the TVL has been around $400 Million since its rise in October, despite variations.

Nevertheless, if buying volume adds up, then the bullish momentum would increase, making more higher highs and new highs. Therefore, the Cardano price is predicted to move upward giving bullish views over the daily time frame chart.

Summary

Cardano (USD: ADA)  oscillators are currently indicating that the price is overbought. The investors are not very optimistic regarding the crypto. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ADA crypto price. Price action indicates that the investors and traders are positive on the 1-Day time frame. The price action mirrors a bullish outlook at the current moment. Nevertheless, investors and traders should remain for an accurate setup for the next move and avoid FOMO.

Technical Levels

Support Levels: $0.547 and $0.489

Resistance Levels: $0.680 and $0.700

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.