Cardano clears the $0.5 barrier: Will ADA cross the $1 mark in the second quarter?

• The price of ADA has risen more than 8% in the past seven days.
• Most market indicators indicated continued rise in prices.

When the market situation started to get interesting with many cryptocurrencies registering in the green, Cardano [ADA] It also did not disappoint.

In fact, ADA bulls entered the market as the symbol’s price broke above a critical resistance zone, indicating a massive upside rally ahead.

Cardano breaks the barrier

Coin Market Cap Data It revealed that Cardano’s price rose by more than 8% in the past seven days, gaining upward momentum on May 15.

At the time of writing, the token is trading at $0.4848 with a market capitalization of over $17.29 billion, making it the 10th largest cryptocurrency.

However, the recent price pump has not been enough to allow the majority of ADA investors to make profits. According to IntoTheBlock’s view DataMore than 58% of ADA investors ran out of money.

But this scenario may change soon when ADA breaks out of the bullish pattern.

World of Charts, a popular cryptocurrency analyst, recently posted tweet Which indicates that ADA price broke above the bullish flag pattern that formed on the 8-hour chart.

According to the tweet, ADA was making a profit of approximately 10%, and the pump could allow the price of the token to rise by 100%. If that happens, investors could see Cardano reach $1 in the coming weeks.

ADA Potential Weekly Target

The $1 target may be too ambitious in the short term. Therefore, AMBCrypto evaluated ADA metrics to see where it is headed this week.

According to our analysis of Santiment data, ADA’s MVRV ratio has improved, which can be concluded as a bullish indicator.

Its trading volume also remained high while its price rose, serving as a basis for an upward rally.

However, Cardano’s speed declined last week. This means that ADA was used less frequently in transactions within a specific time frame.

Source: Santiment

Most market indicators also pointed to continued price increases. For example, ADA price remained above the 20-day Exponential Moving Average (EMA). The MACD indicator showed a clear bullish edge in the market.

Moreover, Chaikin Funds Flow (CMF) recorded a sharp rise, indicating another rise in prices.

Source: Trading View

is reading Cardano (ADA) price forecast. 2024-25

We then examined Hyblock Capital’s data to look for the target ADA could reach by the end of this week. Our analysis revealed that Cardano will see a massive liquidation rally near the $0.492 mark.

Since higher liquidations often lead to price corrections, ADA may reach this level before slowing down a bit. However, if it can break above that, its price could reach $0.5 or $0.528 this week.

Source: Hyblock Capital