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Cardano (ADA) has crossed the $1 mark several times within the last few days. CoinMarketCap data shows that ADA hit a peak of $1.11 on different days before dropping below the $1 level shortly afterward. This erratic move underscores the intense volatility on the market.
ADA’s challenges in breaking resistance, and Bitcoin’s influence
Cardano investors had anticipated a considerable uptick in price on the ongoing bull market. Although expecting it to hit 2021 levels when ADA topped $3 might appear too ambitious, some had hoped it would stabilize above $1. Others expected ADA to test the $1.50 resistance level.
Alex DovbnyaHowever, reality shows that the broader sentiment on the cryptocurrency market might have affected Cardano’s expected rally. Notably, Bitcoin, the world’s leading digital coin, has not successfully breached the much-anticipated historic $100,000 mark.
Investors had anticipated a continued parabolic run for Bitcoin, which would have a bullish impact on altcoins. Primarily, Cardano investors are not finding the confidence to drop more funds into ADA, given that Bitcoin’s rally is also stalling.
As of this writing, ADA exchanges at $0.9949, a 2.08% decrease in the last 24 hours. ADA has experienced wild fluctuations within the time frame, with the coin trading as high as $1.03, which has declined sharply to a low of $0.9852.
Despite staging a rebound, ADA appears to have difficulty turning the $1 resistance into support, showing that volatility is not out of the market.
ADA awaits breakthrough
Before this November price performance, ADA last crossed the $1 mark in April of 2022.
However, the positive market sentiment that has pushed it to a new level this month appear insufficient to sustain its momentum moving forward.
Godfrey BenjaminAccording to an earlier U.Today report, analysts had used the Fibonacci sequence to predict possible levels that ADA could reach in the current bull market. Interestingly, their prediction placed $2.453 as a major target to watch out for.
It remains a waiting game for now, as investors hope for any sustained positive shift in the price of ADA.
Vladislav Sopov
Yuri Molchan
Dan Burgin
Alex Dovbnya