The post Cardano Hits a 30-Month High at $0.93, But the Road to $1 for the ADA Price Rally Could Be Difficult appeared first on Coinpedia Fintech News
Cardano’s price smashes new yearly highs at $0.92 for the first time since April 2022. Then the price continued to drain as the markets were stuck within a rising bear market, but now they are at the foothill of a huge bull run. Now that the tokens are heading towards their psychological barrier, market participants are looking at $100K for Bitcoin, $265 for Solana, $100 for Litecoin and $1 for the ADA price rally.
After reaching the levels above $0.92, the bulls are expected to push the prices harder towards the interim milestone. However, they are expected to test some crucial resistance, which may be considered a strong barrier, before hitting $1. The token has not visited this range in the past 30 months and it’s quite obvious that the traders stuck at this range may intensify their activity. Previously, the barrier was around $0.8, which was held for nearly a week and now it has shifted to $0.95.
Hence, reaching the interim milestone at $1 could be delayed for a while, probably in the first few days of December, if the current trade plays out well.
The data from Intotheblock suggests more than 45,000 addresses have accumulated ADA within the range of $0.933 and $0.959, which is acting as a strong resistance zone. Before this, the price is required to surpass the zone between $0.90 and $0.933, where more than 28,000 addresses have accumulated the tokens. Once these resistance levels are cleared, the road to $1 may be extremely clear with almost no strong resistance in between.
So, what’s next for the ADA price rally after reaching $1? When will it mark a new ATH?
Similar to XRP, the ADA’s price is also extremely far from its ATH, which is around $3. The volumes over both tokens have dropped compared to that of the rally that led to the ATH. Hence, with the current volatility rate, marking a new ATH could be a tedious job, but once the flow of liquidity starts from Bitcoin to other altcoins and altseason kicks off, Cardano’s volume is also expected to increase. In such cases, the ADA price may revive a strong upswing and eventually mark a new ATH.
#PriceAnalysis #Altcoins #Cardano(ADA) [Source: Coinpedia]