thecryptobasic.com
The price of Cardano has risen alongside the broader crypto market, bringing the coin closer to the coveted $1 target.
As the crypto market enters a bullish phase, several leading altcoins have witnessed some time in the spotlight. Cardano (ADA) is one of those coins, having made a new yearly high in the past 24 hours.
The cryptocurrency reached as high as $0.702 before a strong resistance and minor market retracement pushed the price as low as $0.64. However, Cardano has since made a comeback to $0.68 at the time of writing, putting it back on track to reclaim the $0.7 range in the coming days.
The quick rebound evidently suggests that investors are keeping an eye on the altcoin, and rightly so. Cardano gained 40% in February, joining the league of top-performing altcoins among the top ten cryptocurrencies by market cap.
Cardano Eyes $1 Again
With the milestone of a new yearly high already in the bag, ADA holders are keen to see the cryptocurrency to push on and revisit the psychological $1 mark. The last time ADA traded above $1 was in April 2022, before the infamous Terra (LUNA) collapse.
Since falling below it on the back of the Terra implosion, ADA has languished below $1, spending most of its bear market days under $0.55. However, with things looking up again, Cardano seems poised to revisit the coveted price range.
Notably, other developments, such as the rise of memecoins on the Cardano network and general market sentiment, favor ADA to reclaim $1 and the regions above that price level.
Cardano-based memecoin FREN recently surged to new highs, boosting user activity on the network and bolstering demand for ADA.
Moreover, trading data suggests that investors are still largely bullish on the cryptocurrency. In the past 24 hours, the long and short futures trading ratio is largely skewed towards long traders, with 75% of capital predicting that ADA will go higher.
Multiple experienced analysts also back Cardano to reclaim its previous high. In one instance recently reported by The Crypto Basic, an analyst predicted that Cardano’s climatic bullish rally could begin as soon as in three days.