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Will Cardano (ADA) reach $1 following its breakout above the key Fibonacci level of $0.776, with an intraday surge signaling a potential moonshot?
With Cardano’s market cap of $28 billion, the altcoin is gradually inching closer to surpassing USDC to take the eighth position. In parallel, ADA’s price is setting up for a potential 52-week high, putting the $1 target within reach.
Will the intraday recovery drive Cardano to $1 after XRP’s rally? Let’s find out.
Cardano Price Analysis
Cardano is currently trading at $0.793, with an intraday gain of 7.45%. This creates a bullish engulfing candle that crosses above the 100% Fibonacci level at $0.776.
Furthermore, it marks the third consecutive bullish candle at play as it inches closer to the recently recorded 52-week high of $0.819.
The strong bullish trend in Cardano continues to build momentum, with the price having surged 147% in just 16 days from $0.32. This parabolic price movement has been accompanied by a golden crossover between the 100-day and 200-day EMA lines, signaling continued bullishness.
With a surge in trend momentum, the ADX line is now at 48.76. Based on the previous price action, the ADX line highlights the peak formation near the 50 and 61 levels. Hence, the indicator shows room for growth.
145% Increase in Cardano Accumulation by Whales
Cardano whales have been accumulating ADA tokens during the last few weeks amid the massive rally. Specifically, whales that typically hold above $10 million worth of ADA increased their holdings by 145.72%.
Likewise, holders with positions between $1 million and $10 million in ADA have increased their positions by 82.97%.
Additionally, holders with positions ranging from $100,000 to $1 million have increased their portfolio by 105.66% over the last 30 days.
The recent bull run and the broader market recovery are the key factors, as the worth of the Cardano holder’s position skyrocketed with the surge in market price.
Will ADA Price Reach $1?
Based on previous price action, the ADX typically peaks around the 50.75 and 61.76 levels, which suggests further upward potential.
Using Fibonacci levels, the high-momentum double-bottom reversal in Cardano now suggests price targets of $0.994 and $1.363, based on the 1.272 and 1.618 Fibonacci extensions.
On the other hand, a minor retest of $0.776 remains a possibility, provided the daily candle closes above this level.