Key Takeaways
- BTC price gains following a strong monthly open as ADA aims to build on its current market strength.
- The current price action of Cardano suggests the price could break out of its price range.
- A short-term market target for Cardano is $2 and above, as the price faces resistance to trading above $ 1.30.
The cryptocurrency market is abuzz with huge excitement following the anticipation of the October rally, and this excitement has started on a positive note as the price of Bitcoin rallied towards key highs of $ 17,900. The price faced rejections, but the price of Cardano (ADA) has responded strongly following months of accumulation.
With altcoins poised to initiate a new rally towards the next highs, the price of ADA could breakout from its long-standing price range of $0.75 to $1.3, as price action since trading above this level has struggled to exhibit bullish momentum.
However, the month of October could be just what many altcoins, including Cardano, need to kickstart their bullish rally to the upside in the coming weeks or months.
Market Sentiment Could Boost ADA’s Price
Despite several attempts to breakout to the upside, the price of Cardano has struggled to overcome rejection above $1, as the price trading towards $1.3 was speculated to rally to a high of $2. However, price has struggled to meet such expectations from traders and experts.
With the current market sentiment looking bullish for the crypto market, the ADA price may have a chance to breakout from its range movement below $1.3, which could give traders and investors opportunities to buy into ADA’s price and reach the next key highs.
Attention will be focused on Cardano’s price action and how the price responds around $1.3, which will be key for whales and investors looking to add ADA to their portfolio. With price breaking out, we could see price attempt new all-time highs based on market speculation.
Cardano Price Analysis
Source – ADA Daily Price Chart from TradingView
The price of ADA on the daily timeframe appears ready for a short-term price rally towards a high of $1.2 and $1.3, respectively, following a recent price rebound from $0.7. The price is expected to build on market sentiment and reach a strong high.
A strong rally towards the key resistance of $ 1.30 and a breakout with strong volume could see the price trade towards $2, a yearly high that has not been reached in years. If the price of Cardano fails to break above $1.3, it will likely remain stuck in its current price range.
FAQs
Will ADA hit $3 again?
The potential for Cardano to reach $3 is possible in 2025 if the price trades above $1.5 to $2 in the coming weeks.
Will Cardano ADA reach $10?
While the possibility of the price trading around $10 in the short term is unlikely, the price could trade around $2 by the end of the year.
Is ADA a good crypto to buy?
Cardano is a good cryptocurrency to buy, considering its strong fundamentals and an active community.
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