CandleFocus

Will Cardano 40% Weekly Rally Extend to the $1 Psychological Mark?

Author: Content Editor
The Cardano cryptocurrency has experienced a significant recovery, with a nearly 40% increase in the past week. Its market cap has surpassed $20 billion, and it is currently trading near the $0.60 mark. While Cardano's bullish recovery is gaining momentum, it remains to be seen if it will be able to surpass the $1 mark. The recent bull run has seen ADA rise from $0.32 to over $0.61, but it failed to surpass the 78.60% Fibonacci level at $0.69. The current price action suggests a potential sideways trend between the 61.80% and 78.60% Fibonacci levels. However, if the broader market recovers, there is a possibility of a breakout above the 78.60% Fibonacci level, which could result in a price jump to the $0.77 mark and potentially reaching the $1 psychological mark. On the other hand, a breakout below the 61.80% Fibonacci level could lead to a potential psychological support at the $0.50 mark.

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