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.
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.
