Cardano is making strong, bullish moves. Its recent triangle breakout rally aims to push the price past the $1 psychological mark.
The cryptocurrency is benefiting from positive market sentiment, especially with Bitcoin surpassing the $82,000 level, setting a new all-time high. Cardano has surged by 77% in just one week, climbing from an opening price of $0.334 to a closing price of $0.59.
As Cardano breaks through a key resistance trendline, market watchers are anticipating that the bullish momentum could propel the price to $1. Let’s examine the likelihood of Cardano breaking the $1 barrier during this bullish cycle.
Cardano’s 87% Rise Targets New 52-Week High
On the daily chart, Cardano is showing a high-momentum reversal with seven consecutive bullish candles. This rally has resulted in an 87% price increase, from a low of $0.32 to the current price of $0.595.
The bull run has surpassed the 67.80% level at $0.548 and has faced a higher price rejection from the 78.60% level at $0.69. As the falling channel breakout rally after a small consolidation period gains momentum, the bull run is teasing a new 52-week high formation for Cardano.
With the surge in bullish pressure, the 50-day and 100-day exponential moving averages (EMAs) have given a positive crossover, signaling further upward movement. Additionally, the 20-day EMA has crossed above the 200-day EMA, adding to the bullish outlook.
Cardano Weekly Price Targets
On the weekly chart, Cardano’s price action formed a symmetrical triangle pattern during the recent pullback phase. Last week, a powerful bullish engulfing candle confirmed the breakout, signaling the continuation of the uptrend.
Although Cardano is currently struggling to break above the $0.60 mark, the daily MACD indicator has flipped to a positive crossover, suggesting that the bullish momentum is still intact.
Using Fibonacci retracement levels, the next significant resistance level lies at the 23.60% level, around $0.729. A breakout above this level would signal a change in character for Cardano, boosting the chances of the price rallying to the 38.20% level at $1.45.
On the downside, key support levels include the $0.50 psychological mark and the broken resistance trendline. A retest and bounce off these support levels would further reinforce the bullish thesis and could trigger a high-momentum rally for Cardano.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
