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$ADA has currently slipped into the red zone, but it is holding strong above the $1 level. Up by more than 50 percent in the last seven days, $ADA is eyeing the important $2 level. Similarly, Ripple’s $XRP has also recorded impressive gains and is trading at $1.46 levels. Now, the question is which of these two altcoins will hit the $2 mark first.
The announcement that Gary Gensler is stepping down from his position at the SEC has had a major impact on the crypto market, particularly for $XRP and Cardano. This news is seen as bullish for $ADA because Gensler’s SEC had previously labeled several cryptocurrencies, including Cardano, as securities.
Cardano Price Prediction:
According to analyst Josh of Crypto World, Cardano’s price is currently breaking out above a key 50% Fibonacci retracement level, which had previously been a resistance point. The price has recently broken the $0.83 mark, which is a crucial level to watch.
Next Price Targets:
Golden Pocket Target: The next major resistance zone for Cardano lies between $1.13 and $1.22. This is known as the “Golden Pocket” and is often seen as a critical level where price action could either stall or experience a pullback.
78.6% Fibonacci Target: If Cardano can break above the $1.22 to $1.23 range, the next major price target is at approximately $1.76, marked by the 78.6% Fibonacci retracement level. This level represents an important point for further upward momentum.
Historical Performance:
Looking at past trends, when Cardano was in this position on the chart, it experienced significant price increases, sometimes reaching as much as 400% in gains compared to Bitcoin. This suggests that if Cardano continues to outperform Bitcoin, we could see massive gains for $ADA in the coming months, potentially well into 2025.