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With the trend reversal in action, will the Cardano bull run continue to the $1 psychological mark this November?
As Bitcoin lingers near the $89,000 mark, Cardano shows a massive recovery of nearly 40% in the last seven days. The market cap of Cardano recently crossed the $20 billion mark and is currently trading near the $0.60 psychological mark.
As Cardano’s bullish recovery gains momentum, let’s find out the chances of it reaching the $1 psychological mark. With a massive bullish recovery ready to regain momentum, will Cardano cross the $0.60 barrier?
Cardano Price Analysis
Cardano shows a massive bull run in action on the daily chart. With the broader market recovery, ADA formed seven consecutive bullish candles, accounting for an 88% rise. The bull run extended from $0.32 to a peak above $0.61.
However, the bull run failed to surpass the 78.60% Fibonacci level at $0.69, resulting in a quick retest of the 67.80% level at $0.548. However, with lower price action, the bullish recovery in Cardano resurfaces.
Currently, it is trading at $0.594 with an intraday gain of 2.41%. However, the higher price action in the intraday candle reveals a massive overhead supply.
Hence, the current price action projects a potential sideways trend between the 61.80% and 78.60% Fibonacci levels. Amid the recent recovery, the 50- and 200-day EMA lines have given a golden crossover.
Furthermore, the uptick in the 100-day SMA line teases a quick trend reversal and a potential crossover above the 200-day EMA. The intraday recovery keeps the MACD and signal lines in positive alignment as the bullish histograms resurface.
Will Cardano Hit $1?
If the broader market recovers, the breakout above the 78.60% Fibonacci level could result in a price jump to the $0.77 mark. This increases the possibility of a new 52-week high and puts the next price target at the 1.27 Fibonacci level.
The Fibonacci level is extremely close to the $1.00 psychological mark, making it a potentially achievable target in this 2024 bull run. Conversely, the breakout below the 61.80% Fibonacci level paints the $0.50 mark as a potential psychological support. Further, the next support stands at $0.49 or the 50% Fibonacci level.