Cardano is making strong, bullish moves. Its recent triangle breakout rally aims to push the price past the $1 psychological mark.
The cryptocurrency is benefiting from positive market sentiment, especially with Bitcoin surpassing the $82,000 level, setting a new all-time high. Cardano has surged by 77% in just one week, climbing from an opening price of $0.334 to a closing price of $0.59.
As Cardano breaks through a key resistance trendline, market watchers are anticipating that the bullish momentum could propel the price to $1. Let’s examine the likelihood of Cardano breaking the $1 barrier during this bullish cycle.
Cardano’s 87% Rise Targets New 52-Week High
On the daily chart, Cardano is showing a high-momentum reversal with seven consecutive bullish candles. This rally has resulted in an 87% price increase, from a low of $0.32 to the current price of $0.595.
The bull run has surpassed the 67.80% level at $0.548 and has faced a higher price rejection from the 78.60% level at $0.69. As the falling channel breakout rally after a small consolidation period gains momentum, the bull run is teasing a new 52-week high formation for Cardano.
With the surge in bullish pressure, the 50-day and 100-day exponential moving averages (EMAs) have given a positive crossover, signaling further upward movement. Additionally, the 20-day EMA has crossed above the 200-day EMA, adding to the bullish outlook.
Cardano Weekly Price Targets
On the weekly chart, Cardano’s price action formed a symmetrical triangle pattern during the recent pullback phase. Last week, a powerful bullish engulfing candle confirmed the breakout, signaling the continuation of the uptrend.
Although Cardano is currently struggling to break above the $0.60 mark, the daily MACD indicator has flipped to a positive crossover, suggesting that the bullish momentum is still intact.
Using Fibonacci retracement levels, the next significant resistance level lies at the 23.60% level, around $0.729. A breakout above this level would signal a change in character for Cardano, boosting the chances of the price rallying to the 38.20% level at $1.45.
On the downside, key support levels include the $0.50 psychological mark and the broken resistance trendline. A retest and bounce off these support levels would further reinforce the bullish thesis and could trigger a high-momentum rally for Cardano.
