Cardano (ADA) has just surged strongly with an increase of over 20% in 24 hours, surpassing the 1 USD mark for the first time in months.
This upward momentum indicates high interest from investors and could mark the beginning of a sustainable growth cycle, especially as ADA has recovered from the June low and maintained a steady upward trend.
MAIN CONTENT
ADA surpasses the 1 USD mark, surging more than 20% in 24 hours.
ADA's next resistance is in the range of 1.17-1.18 USD.
The upward trend could push ADA to 1.70 USD or higher if the market is favorable.
What will happen next with ADA?
Technical analysis shows that ADA's next important resistance zone is between 1.17 and 1.18 USD, where it previously capped the price around 0.95 USD and is now successfully conquered.
If ADA maintains above this level, the target for each short-term phase could be the range of 1.24 to 1.43 USD. Analysts assess this could serve as a stepping stone for a larger bullish wave, with potential reaching up to 1.70 USD or even 2.30 USD in a positive scenario, requiring the upward trend to continue alongside favorable market conditions.
"Crossing the psychological mark of 1 USD could trigger continued buying momentum, aiming towards the next resistance price levels."
Crypto market analyst, 2024
How are bulls and bears disputing?
Sudden price jumps often lead investors to quickly take profits, causing significant downward adjustments. The 1 USD mark thus becomes an important psychological threshold to observe; if ADA holds above it, buying pressure may increase and support the next rally.
Currently, ADA has regained an important psychological position and the coming days will be a critical time to assess whether the upward trend can be solidified. If the upward momentum continues, ADA may be preparing for the strongest recovery in over a year.
"The event of ADA surpassing the 1 USD mark is not only a positive sign but also opens up the potential for the long-term growth of this coin."
Blockchain analyst, 2024
Frequently Asked Questions
What is ADA and why is it important?
ADA is the token of the Cardano blockchain platform, notable for its Proof of Stake consensus mechanism and focus on research to enhance security, scalability, and sustainability.
What does ADA surpassing the 1 USD mark mean?
Surpassing the 1 USD mark is a sign of positive sentiment, often attracting capital inflow and reinforcing short- and medium-term bullish confidence.
Where is ADA's main resistance?
The nearest resistance level is around 1.17 – 1.18 USD, which is an area that could test ADA's upward trend strength.
How long will ADA's upward trend last?
Sustainable upward trends depend on overall market conditions and ADA's ability to maintain above key support levels.
What major factors influence ADA's price?
ADA's price is influenced by overall cryptocurrency market movements, investment flows, and technical updates of the Cardano platform.
Source: https://tintucbitcoin.com/cardano-vuot-1-usd-tien-toi-2-usd/
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