Cardano Price Soar 30% Post Breakout: ADA Set To Hit $2 Mark

• The Cardano price has surged by 30% in a week.
• ADA crypto has exceeded the 20-day EMA.

Cardano (ADA) is bullish and has achieved the critical mark of $1. The token witnessed many ups and downs near the $1 mark. However, it has surpassed the 20-day EMA.

The Cardano price has formed a bullish candlestick pattern on a daily time frame and triggered a breakout. After the breakout, it witnessed a decent bullish move.

Based on the chart structure, the Cardano price has gained bullish momentum after the correction phase. Following a positive trend, the token has recently stopped above $1.

It was consolidating in a narrow range for the past four days. Analysts believe that it could be a good time to accumulate ADA.

Is ADA Price Ready to Fly & ATH Soon?

Crypto analyst @mufengcrypto believes that ADA Cardano has the potential to gain bullish momentum. The monthly time frame indicated that the Cardano price has recovered from a longer accumulation phase.

He believes 2019 was the best time to buy ADA, and history repeats itself. According to the analyst, staking the token could be worth it.

Based on the chart structure, the Cardano price is expected to remain bullish for longer. Amid this bull run, the price might record a new all-time high (ATH).

ADA Price Shaped Falling Wedge and Displayed Breakout

The ADA crypto traded at $1.09 at press time, which has remained unchanged from the past 24 hours. The market capitalization was $38.56 Billion, and the 24-hour trading volume was $1.20 Billion.

The ADA price formed a falling wedge pattern during a daily time frame and triggered a breakout. After the breakout, the price surged by 30%. However, the ADA Cardano price momentum has halted near the $1 mark.

Suppose the ADA price is over the $1 mark, and strong buying momentum can be anticipated. If buyers remain bullish, it would be a great buying opportunity. The price might extend to the $2 mark amid this bull run.

On the other hand, if the crypto asset price dives below the $1 mark, it would be a bearish signal. Once the price sustains below the $1 mark, buyers may lose momentum. A profit booking scenario can be observed if the price forms any bearish candlestick pattern.

Turning to the technical indicators, the ADA price smashed the key moving averages. This further showcased the bullish forecast. The MACD has triggered a golden crossover with the Signal line, and histograms flipped to green.

ADA Price Overview and Forecast

The Cardano price has shown significant bullish momentum recently, with a 30% price surge following a breakout. The token has consolidated above the $1 mark and has surpassed key technical indicators. Analysts suggest this might be an opportune time for accumulation.

The formation of a falling wedge pattern indicated potential for further gains. The token could possibly reach the $2 mark if buying momentum continues.

However, caution is advised, as a drop below the $1 level could signal a bearish trend and lead to profit booking. Overall, the outlook remains positive for ADA in the near term, especially for those interested in staking and long-term investment.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.