- Initial targets for Cardano price include $4.80 (1.618 Fibonacci extension), $7.70 (2.618 level), and a possible $10 peak at the 3.618 level, provided bullish momentum persists.
- ADA’s 24-hour trading volume surged to $3.70 billion, surpassing Binance Coin (BNB), signaling growing investor optimism.
Cardano (ADA) has been in the news in the crypto space recently, with forecasts saying that its price could touch the $10 mark in the ongoing bull cycle. According to crypto analyst Lark Davis, the ADA token could witness an 800% appreciation. This surge is anticipated thanks to increasing market interest and technical signals, reported CNF.
Cardano Price Spike & Crucial Fibonacci Levels
ADA price has performed incredibly, with a 213% rise in the last month. Analysts believe this might be the start of an extended upward movement. According to Davis, Cardano’s price is likely to reach $4.80 as its initial target, which is the level of the 1.618 Fibonacci extension. A further rise might propel the price to $7.70 at the 2.618 Fibonacci level before finally testing $10 at the 3.618 level.
Fibonacci retracement levels, which are derived from key ratios, are very essential in identifying breakout points and support levels. Traders use these levels to predict potential price movements. Hence, Davis highlights $7.70 as a practical target but does not dismiss the possibility of ADA reaching $10 if the bullish momentum persists.
Cardano’s market activity has increased, with ADA crossing Binance Coin (BNB) in 24-hour trading volumes, reported CNF. As of this writing, ADA’s trading volume has surged to $3.70 billion. This increase in volumes indicates that traders and investors are becoming increasingly optimistic. Accumulation by whales is also on the rise, and this might be one-factor supporting price growth.
The factors of higher trading volumes and whale accumulation, mostly showing strong buying pressure, will potentially support the upward movements in the coin’s prices. Based on these factors, ADA’s rally is likely to be sustained with more popularity across retail and institutional investors.
ADA Price Sees Bull Flag Formation
The ADA price chart shows a “bull flag.” This refers to a classic continuation formation that often follows an impulsive rise in prices with a subsequent, very brief consolidation phase. This formation warns market participants that this bullish trend might be followed.
Analysts are predicting that if the support levels can hold, Cardano price can be on the rise once again to experience a new 50% growth, per the CNF report. Moreover, CoreCrypto, a popular crypto analyst, found some of the ADA price targets for this bull flag rally: $1.08, $1.24, $1.36, and $1.49. These indicate a gradual short-term movement of Cardano price in the upward direction.
As of this writing, ADA prices have risen by $1.10, gaining 2.69% over the last 24 hours. Amid the ongoing rally, the ADA token is still a favorite for traders. Moreover, robust trading volumes indicate a potential upward movement in the next few days.
