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Cardano (ADA) has commenced its push for the $1.50 mark once more. The journey started with ADA breaching the $1 resistance level and staying above the price.
Cardano's resilience and ADA growth prospects
Data from CoinMarketCap shows that Cardano has experienced fluctuations in price in the last 24 hours. However, ADA has managed to resist a decline that would plunge it below the $1 mark. Despite market volatility, ADA has continued to push on in the crypto market.
Meanwhile, Bitcoin’s price has also continued to experience wild fluctuations and is yet to hit the much anticipated $100,000 mark. Despite this potential temporary holdup, Cardano investors have decided to bet on ADA without thinking that the stall in Bitcoin's rally might impact its growth outlook.
ADA is now riding on the support of community members, traders and investors, who are ready to bet on future gains. The confidence could result from the analyst's price outlook for ADA based on the Fibonacci sequence.
Notably, after crossing the psychological $1 mark, market analysts, relying on the Fibonacci sequence, observed that a sustained bullish momentum could see ADA hit new levels. Cardano’s next price, corresponding with the Fibonacci sequence of 1.618 levels, shows ADA could hit $2.45.
Hence, ADA’s renewed quest for $1.50 is a confidence booster for investors.
Ecosystem developments bolster confidence
Investors and traders hope ADA will sustain momentum and test higher levels soon. They also expect that with the Bitcoin rally stalling, other events in the Cardano ecosystem will step in and help push ADA on its quest to higher heights.
For instance, the first zero-knowledge (ZK) smart contract was recently deployed on the Cardano mainnet. Community members expect such news to trigger positive sentiment and fuel the surge in demand for ADA.
Market trend observers maintain that ADA’s ability to stabilize above the $1 mark is a crucial determinant of whether it hits its target.