Cardano (ADA) price is steadfastly clinging to the $0.35 support mark, despite pressures that could drive it lower. ADA finds it difficult to muster the necessary momentum to break its current downward trajectory.
Following a brief market rebound, signs of a fresh correction are emerging. ADA’s trading pattern shows a slight bearish trend as the market faces another downturn. Amid these, the ADA price is at the $1 level.
In a notable shift in the cryptocurrency rankings, the ADA has fallen out of the top 10, now positioned at number 12. This recent change sees newer entrants like Toncoin and Avalanche taking spots within the coveted list. Cardano, previously a mainstay in the top tiers, has been overtaken due to recent market fluctuations, highlighting the volatile nature of cryptocurrency investments.
Cardano Price Eyes 150% Surge Amid Fluctuations
Cardano price may soon witness a bullish breakout, suggesting a potential uptrend aiming for a key $1 milestone. This expected rise draws significant attention from Cardano investors, who remain vigilant for favorable market shifts.
With the broader crypto market showing signs of recovery despite minor setbacks, the price of ADA could experience a substantial rally. Notably, Bitcoin’s ascent past $62,000 may further boost this momentum, enhancing the prospects for top altcoins like ADA.
ADA Price Outlook: Breakout Could Signal Rally
At the time of writing, the ADA price has fluctuated slightly over the past 24 hours, showing a slight downward trend. According to recent data, the price is currently at $0.3496, marking a 1.49% decline from the previous day. The cryptocurrency saw a low of $0.3495 and a high of $0.3555.
The Cardano price could witness a significant shift if it breaks through the $0.36 resistance level. This potential reversal might pave the way for a rally toward the $0.4 mark. Sustained positive momentum could even push the value of ADA up to $1, marking a 150% increase. This scenario hinges on maintaining the current bullish trend.
As highlighted by Santiment data, ADA’s price has shown considerable fluctuation in the latest cryptocurrency market trends. Since early April, the ADA has generally trended downward with sporadic peaks, while the percentage of stablecoin supply held by whales has seen a sharp increase, particularly noticeable from mid-September.
This uptrend in whale activity has sparked optimism among investors, fueling bullish sentiments. This growing confidence is reflected in major holders’ heightened acquisition of stablecoins, suggesting a strategic positioning for upward price movements.
Cardano’s journey to a $1 valuation relies on breaking key resistance levels and sustaining positive momentum. With potential support from broader cryptocurrency trends, ADA could significantly rally toward this milestone in 2024.
Frequently Asked Questions (FAQs)
The next significant resistance level for Cardano is at $0.36.
Breaking the $0.36 level could initiate a rally toward the $0.4 mark.
If the bullish trend sustains, Cardano could potentially reach $1, marking a 150% increase.
Coingape Staff
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.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/cardano-price-falls-out-of-top-10-can-ada-hit-1-in-2024/
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