With Bitcoin price recording a new all-time high during the early Asian hours today, top altcoins have recorded a similar price action by retesting their important resistance levels. Following this, the Cardano price has added 4.85% to its valuation and is on the verge of achieving a new 52-week high.
Are you one of many who are closely analyzing the price movements of this crypto token? In this article, CoinPedia’s expert panel has comprehended a possible short-term price analysis report just for you!
ADA Coin Price Retests It’s 52-week High!
With an intraday jump of ~5%, the Cardano price is constantly headed toward its $0.80 mark. With a 24-hour trading volume of $2.282 billion, this altcoin is currently changing hands at $0.7854.
Notably, this project has soared over 100% within days following its owner showing his favor to President-elect Donald Trump. Moreover, currently, ADA has a market capitalization of $27.696 billion and has secured the 09th position.
The Relative Strength Index (RSI) shows a constant price trend above the overbought range in the daily time frame. This indicates a bullish outlook for the altcoin this week.
The Simple Moving Average (SMA) constantly supports the Cardano price chart, highlighting a significant rise in the buying-over-selling pressure for this altcoin.
Will ADA Price Hit $1 This Week?
Maintaining the price above its support trendline of $0.7750 could set the stage for it to head toward its resistance of $0.8875. Further, if the bulls continue dominating the crypto space, this could push the Cardano price to its target price of $1.
However, a trend reversal could pull the price toward its support level of $0.6850. Moreover, if the bears outrun the bulls, the Cardano token may plunge to its lower support trendline of $0.60 during the upcoming time.
