Will Cardano (ADA) Reach $1 This Week?

Cardano (ADA) is gaining significant bullish momentum, with the broader crypto market continuing to climb, and Bitcoin approaching the $100,000 mark. As the third consecutive bullish week unfolds, Cardano is making strong strides toward the $1 milestone. But the question remains—will ADA manage to hit that target this week?

Cardano Price Analysis

Looking at the daily chart, Cardano's price action is showing a series of bullish engulfing candles that are fueling the ongoing rally. ADA has already surpassed the $0.80 mark and is steadily approaching the $1 price target.

In the last four days, the price has surged by an impressive 22.87%, with a 165% increase over the past 17 days, despite just two bearish candles. This rapid growth from a low of $0.32 underscores the strength of the current bull run.

Technical indicators also support the bullish trend. The 100-day and 200-day Exponential Moving Averages (EMA) recently crossed in a golden crossover, signaling continued upward momentum. The MACD (Moving Average Convergence Divergence) indicator confirms this positive trend, with both the MACD and signal line showing strength, accompanied by increasing bullish histograms. These indicators reinforce a buy signal for Cardano.

Will Cardano Hit $1?

On the weekly chart, Cardano's recovery rally is testing the 23.60% Fibonacci retracement level, with the potential for a breakout above it. A successful breakout of this level could propel the price toward $1.25, aligning with the 38.20% Fibonacci level.

At its current price, ADA is still trading at a significant discount compared to its all-time high of $3.16, representing a 72% decrease. This means that if the bullish momentum continues, there is substantial room for growth.

Conclusion

With Cardano showing strong bullish momentum and key technical indicators signaling further upside potential, it is very possible that ADA will reach $1 this week. If the current trend continues, ADA could even push higher toward the $1.25 mark in the near future. However, like any cryptocurrency, volatility remains, so market conditions should be monitored closely.