Cardano has achieved a major advance of 18.05% in the last 24 hours, setting a new all-time high at $ 1.55 today.
Cardano (ADA) has been trading laterally since his attempt to break the previous resistance level of $ 1.48 on March 18, to no avail.
This shows that the market does not think that the ADA is overvalued. Instead, the ADA has currently accumulated enough strength to break through the strong $ 1.48 resistance at an early stage, and according to market analysis, the ADA will still appreciate.
Justin Bennett, an analyst with more than 39.2k followers, tweeted that the ADA price will rise 10-fold by the end of the year. In that case, the ADA would exceed $ 12 by the end of the year.
The trader added that he is accumulating cardano because he believes that the current consolidation is temporary, as the decentralized network seeks to build a smart contract platform on a larger scale.
ADA price analysis
Judging from the 4-hour chart, Cardano broke his previous high of $ 1,488, and the bulls are trying to revert that level of resistance to a support level.
Ada hit ATH at $ 1.55, and the trading volume is increasing. At the time of writing, Ada’s price dropped to $ 1.53.
As Bitcoin set a new historical record of $ 64,843, it attracted more funds to flow continuously into the crypto market.
The relative strength index (RSI) shows that this altcoin has remained over the 50-brand balance zone and has moved upwards into the overload zone. The EMA and MACD index indicate that the current price level is borne by the buyer.
In order to invalidate the bullish outlook, bears must drop the price below $ 1.48 at all costs. Strong consolidation at this level will cause Cardano’s price to drop to $ 1.26.
If bulls can push the ADA price above $ 1.55, the next target should be $ 2.00.