Cardano Surges more Than 30%, Will ADA price hit $1?

Cardano Surges more Than 30%, Will ADA price hit $1?

January 6, 2021

ADA Price Strongly Heading Towards $0.35

The ADA price entered a consecutive bullish day with a magnified surge in the price. The profits on the Cardano price has surged from just 10% to nearly 30% in the past 24 hours. The trading volume and the market capitalization also surged more than 25% within the same time frame.

Apart from the price and market cap, some other elements have also surged which have broken the previous records. Pieter Nierop analysts posted the Cardano analytics and according to that, the ADA wallets on a single day which has grown 4 times. Also, the total ADA staked on a single day spiked more 5 times. 

Also an analyst’s AshKhr Crypto, the ADA price could hit $0.3 and $0.35 very soon which can make profits of nearly 30% to 40%. However, many other analysts and the ADA community expect the price to rally hard to hit $1 and form a new all-time high above $1.33.

Cardano(ADA) Price Analysis

ADA price

Cardano price initiated its rally from $017 and jumped as high as $0.24 with a very short time frame. However, the price plunged drastically to its previous levels as the selling pressure mounted which drew those 4 heavy read candles in the price chart.

Further, the ADA bulls outpowered the bears and flipped the whole scenario by rallying the price which is very close to $0.3. The RSI indicator also surpassed 80 points which indicates a pretty bullish momentum for the ADA price.

At the time of writing, the ADA price stands at $0.27690 with a jump of 28.82 percent in the last 24 hours. It is currently ranked 7th largest cryptocurrency with respect to market capitalization and very soon can surpass Polkadot to secure the 6th position. 

The next resistance levels are formed at $0.3788 and ADA price needs to rally without any barriers to surpass these levels. The initial support levels are formed at $0.2080 and if the price experiences a breakdown, the next support levels are formed at $0.1702.

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