Can Cardano’s Bulls Push for $1 After a 34% Surge in the Past Week?

Published 15/12/2023, 17:30
Can Cardano’s Bulls Push for $1 After a 34% Surge in the Past Week?
ADA/USD
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Coin Edition -

  • Cardano (ADA) managed to climb more than 34% in the past week.
  • ADA was able to break above the key $0.5940 resistance level and was trading at $0.6403.
  • A significant long-term bullish technical flag was triggered on ADA’s daily chart, suggesting that momentum has shifted in favor of bulls.

Cardano (ADA) delivered a strong performance this past week. Data from the cryptocurrency market tracking website CoinMarketCap showed that the altcoin saw its price rise more than 34% in the last seven days. As a result, ADA was changing hands at $0.6403 at press time.

With ADA breaking above the $0.60 mark, the altcoin may continue to attract traders who have a fear of missing out. This potential wave may have the strength needed to elevate ADA to $1 in the coming few weeks.

Daily chart for ADA/USDT (Source: TradingView)

ADA was able to break above the key resistance level at $0.5940 over the last four days and continued to trade above this significant price point as of press time as well. If ADA is able to sustain a position above $0.5940 for the next week, it may have the foundation needed to continue climbing in the following two weeks.

In this bullish scenario, ADA could attempt a challenge at the $0.7425 resistance level and potentially flip the level into support. A daily candle close above this barrier could then clear a path for ADA to rise to the $1 mark in the short term.

Traders and investors will want to note that long-term momentum seems to have shifted in favor of bulls in the last two weeks. On December 1, the 100-day Exponential Moving Average (EMA) line crossed bullishly above the 200-day EMA line.

The cross between these two EMA lines signals that ADA’s momentum in the last 100 days was more bullish than its momentum over the last 200 days. In addition to this, the shorter EMA line was breaking away above the 200 EMA at press time. This suggests that ADA’s momentum shows no signs of slowing down.

A positive long-term trend line has also emerged on ADA’s daily chart. This line formed after the cryptocurrency printed a series of higher highs and higher lows since October of this year.

The post Can Cardano’s Bulls Push for $1 After a 34% Surge in the Past Week? appeared first on Coin Edition.

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