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Is $ 1.50 the next target for Cardano (ADA) after its recent rally?


 

The broader cryptocurrency market has bounced back slightly from its recent slump, with the prices of most coins in the green.

The prices of Bitcoin and other leading cryptocurrencies have improved in the past 24 hours. Bitcoin eventually topped the $ 49,000 level before declining slightly and now staying above $ 48,000 per coin. As a result, the total market capitalization of cryptocurrencies rose again above the $ 2.2 trillion mark.

ADA, the native coin of the Cardano blockchain, is one of the top ten cryptocurrencies by market capitalization. ADA's value is up more than 7% in the past 24 hours, outperforming other leading cryptocurrencies including Bitcoin, Ethereum, Binance Coin (BNB), Solana, and Avalanche.

ADA currently ranks sixth in the market, just behind Solana's SOL. The price of the cryptocurrency could rise in the coming hours and days, allowing it to compete with Solana for fifth place in the market. ADA is still behind its previous high of $ 2 but could target it if the bulls regain control of the market.

An overview of important levels

The ADA / USD 4-hour chart is currently one of the most bullish in the market's top ten list. ADA's technical indicators show that the cryptocurrency is doing great right now and could rise soon.

The MACD line has crossed the neutral zone and is currently in the bullish territory. Additionally, the 14-day RSI of 63 shows that ADA could enter the overbought territory soon if current market momentum can be maintained.

If the bulls continue to make positive moves, ADA could soon cross the first major resistance level at $ 1.47 per coin. Unless there is a longer bullish performance, the second major resistance level above USD 1.86 should limit further upward movement in the short term.

However, since the bears have not yet completely disappeared, ADA could also resume their bearish movement in the coming hours. If so, ADA could drop below the $ 1.20 psychological level before the end of the day. Unless there is a massive sell-off, ADA should stay above the USD 1.10 support for the next few hours.

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