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Cardano (ADA) remains in an uptrend as the digital currency sets a new pace for a pathway toward the $1 price target. Undoubtedly, the market is overheated. However, several analysts are optimistic that the price of Cardano will keep soaring and might hit the $1 level soon.
Cardano price and bull advantage
At the time of writing, the price of Cardano was changing hands for $0.8426, up by 13.83% per data from CoinMarketCap. This price boom has positioned ADA as the highest gainer in the past 24 hours.
Gamza KhanzadaevCardano's growth is boosted by sustained bull action, which has pushed the daily trading volume to $2.96 billion, up 77.53% in 24 hours. Earlier, Cardano scored its first golden cross for the year, proving the uptrend is imminent.
This ambitious rally in ADA's price stems from its daily low of $0.7238 to a high of $0.8466. The coin's price has broken very tiny resistances within this tight range, especially at the $0.80 level.
The ecosystem hype is high, with Cardano social mentions growing very fast. The price may respond to these sentiments; however, the tiny distance to the $1 mark might be an intense sell-off if old, profitable ADA holders choose to cash out their holdings.
Cardano whales might make difference
Cardano has the most intense whale activity among the mid-large cap altcoins, after Bitcoin. At the time of writing, data from IntoTheBlock pegs the large transaction volume north of $14.5 billion. With ADA whales fueling scarcity, the price of ADA is likely to beat any form of minute corrections along the way.
Tomiwabold OlajideThe price of the Cardano has stayed at the same level, $0.80, for more than a year. This reality further reinforces the confidence that it is far from the top in this ongoing bull cycle. Overall, combining its technical and fundamental strengths may help it to breach the long-sought $1 mark soon.
Gamza Khanzadaev
Yuri Molchan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov