As Cardano retains its position as one of the largest cryptocurrencies globally, the market cap has risen to $21 billion, alongside its price growing to $0.6061. We explore if Cardano can surpass the $1 milestone.
Cardano Growth Dynamics
Cardano shows a bullish reversal from the 50% Fibonacci level, trading with an intraday gain of 5.86%, marking the start of a new rally.
Technical Analysis and Indicators
SMA: The bullish market sentiment indicates a possible golden crossover between the 50-day and 200-day moving averages. MACD: Increased buying pressure lifts MACD and signal lines, supporting a buy signal.
Forecast and Key Levels
Based on Fibonacci levels, the uptrend above the 61.80% level could face resistance at $0.67 and $0.77. The main targets of the upward movement may reach $0.90 and the psychological mark of $1. Key support levels remain at $0.54 and $0.50.
Positive expectations for Cardano remain, and a move toward the $1 mark is possible in 2024. However, key supports are critically important for growth stability.
