![Why Will Cardano (ADA) Hit $5 Target In the Next Bull Run According to Top Analyst](https://captainaltcoin.com/wp-content/uploads/2023/09/P2P-Review-1-1.png)
Cardano’s native token, ADA, has seen a notable price pump over the past 24 hours. As of writing, ADA is trading at $0.675 – up over 7% in the last day. This price surge can be attributed to several key factors:
According to crypto analytics platform Coinpedia, ADA is showing signs of a potential breakout. Their recent analysis states: “Teasing a breakout above the $0.68 mark, aiming for $1.” They note that ADA has successfully retested support at $0.57 and now looks poised for a move upwards.
The broader crypto market boom is also fueling interest in altcoins like ADA. With Bitcoin stabilizing above $63k and heading towards its next halving event in April, market sentiment has turned bullish. The total crypto market cap now exceeds $2.3 trillion. As the tide rises for leading crypto assets, it tends to lift all boats.
Additionally, ADA now holds the #8 spot by market capitalization, with a market cap of over $24 billion. Its trading volume has surged 134% in the last day, indicating growing interest.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-1108-1024x448.png)
When looking at potential price targets for ADA’s rally, the $0.93 level stands out as being closely aligned with the 1.618 Fibonacci extension level. For those unfamiliar, the 1.618 level is a key Fibonacci ratio that is popular in technical analysis for identifying areas of support and resistance. This ratio also corresponds to the 161.8% extension of a previous price swing.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +From a technical perspective, Coinpedia points out the MACD indicator is showing a bullish crossover – typically a sign that a trend reversal could occur.
So where does this leave Cardano price predictions? According to the analysis, if ADA can close decisively above $0.70, it could trigger an influx of traders and launch the next leg of its breakout rally, with sights set on the psychological $1 level. With Bitcoin charging ahead and appetite for altcoins increasing across the board, traders appear confident that ADA could soon hit this new milestone.
All in all, if market conditions remain favorable, ADA looks positioned for further gains, making it a crypto to watch closely in the days and weeks ahead.
You may also be interested in:
- Popular Crypto Analyst Expecting 80% Bitcoin Price Crash – Here’s Why
- Smart Trader Flips 0.2 ETH into Massive Gains: Is Analyst’s 200% Ethereum Price Prediction Next?
- Will Spring and Summer warm up Ripple (XRP) trading price and will Kelexo (KLXO) 20X as Aave (AAVE) rival looks to rocket
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.