Amidst a bullish market sentiment, Cardano (ADA) has experienced significant gains, surpassing key resistance levels and setting sights on the $1 mark.
Cardano’s Recent Surge
Over the past 24 hours, ADA witnessed a remarkable 6% increase in its price, currently trading at $0.3864.
This surge resulted in more than 1.4 million ADA addresses being in profit, representing over 31% of the total Cardano addresses.
Excitingly, more addresses are anticipated to enter profit territory in the near future. Analysis from World Of Charts highlighted Cardano’s breakout from a bullish falling wedge pattern that emerged back in December 2023. This breakout could pave the way for ADA to approach the $1 threshold.
ADA’s Milestones on its Path to $1
CryptoCrypto delved into Cardano’s on-chain data to gauge the impact of the recent price surge.
Based on Santiment’s data, both ADA’s trading volume and price witnessed significant spikes, typically signaling a bullish market trend.
The MVRV ratio for ADA indicated a bullish trend, complemented by sustained whale activity in the past week. On the flip side, Coinglass’ data hinted at bearish sentiments, with a decline in Cardano’s long/short ratio in the last 24 hours.
An analysis of the token’s daily chart suggested ADA was approaching a crucial resistance level. The MACD indicator hinted at a potential successful breakout above this resistance, with $0.45 as the next target before aiming for $1 in the coming weeks or months.
However, in case the bullish momentum wanes, a retracement to $0.3 wouldn’t be unexpected. The Relative Strength Index (RSI) showed signs of a likely price correction following a sharp increase.