Cardano Price Rally 950% Year-to-date, ADA/USD Buyers Aim at $1
The Cardano price is on a tear judging from price action in the daily and weekly charts.
As of writing, the ADA price is stable on the last day, a massive 94 percent week-to-date, and 9.5X in the past year.
The gain has also posted double-digit gains versus ETH and BTC in the same period, showing how dominant and confident ADA bulls are.
At this pace, the ADA price is at a new three-year high, soaring and turbo-boosted by several supportive fundamentals set for activation in the next few weeks.
Indicating interest is the rate of trader influx. The coin is one of the most traded digital assets in the top-10, with trading volumes of around $7 billion.
Cardano (ADA) Price Overview
The ADA/USD price is trading within a bullish break out pattern after years of accumulation. By surging past Jan 2018 highs, the ADA price is at a three-year high versus the USD.
However, prices need to double for the coin to $1.32, ADA’s all-time high. If anything, this is a possibility since the project is still in development. Guided by Charles Hoskinson, coders are meticulous, taking their time to launch with quality code.
On the upper side, the first target is $1. ADA attaining parity with the USD may be a cause for new capital flow. Conversely, last week’s low of $0.34 is the new support level. If last week’s bull bar guides, buyers can load up on dips provided prices remain above $0.34.
Cardano (ADA) Market Movers
Cardano is a platform that seeks to launch a next-gen smart contracting network with decentralization exceeding both Bitcoin’s and Ethereum’s. The project is still in development, with two phases completed.
ADA’s price surges saw the coin flip Polkadot over the weekend.
ADA just flipped DOT and XRP! Cardano now a top 3 crypto! 🚀
— Dan Gambardello (@cryptorecruitr) February 6, 2021
Gains above $0.90 places its valuation at 3rd.
4th looks very nice 💪🔥
90c will put #Cardano into 3rd… 😎 pic.twitter.com/Bb8GB3PWuG
— Paul (₳ +₿ = 😃) 🇮🇪 (@TradingWithPaul) February 6, 2021
Organic Google searches continue to edge higher, pointing to the public interest in the digital asset.
Just so you know #Cardano’s google search trend has surpassed it’s all time high. $ADA is on fire🔥 pic.twitter.com/DQud2F6Mzl
— Aleksandra Huk (@HukAleksandra) February 5, 2021
Consequently, there are even more people creating ADA wallets.
Current speed of wallet creation 425 wallets per hour over the last 2 hours !!!!!
Mass addoption started#Cardano #ADA
— Pieter Nierop (@nierop_pieter) February 5, 2021
With even more followers on their social media channels:
Cardano reddit's rising subscription(132k), growing delegators wallets(180k), Increased stake(22.3B)…
The #Cardano community is exploding.
— Ly (@layume20) February 6, 2021
Catalysts that may pump ADA bulls in the immediate term include the ability to launch native tokens by the end of the month.
It's February's 1st Factoid Friday! Here's our latest #Cardano fun fact.
Wishing everyone a great weekend! #cardanocommunity pic.twitter.com/prAad6yVTS
— Cardano Community (@Cardano) February 5, 2021
Also, the control of Cardano will be wholly decentralized away from IOHK.
Cardano Price Analysis
The path of least resistance is northwards.
ADA/USD is trading within a bullish breakout pattern, surging above Jan 2018 highs.
Accompanying the breakout is a spike in trading volumes. Last week’s bull bar is banding along the upper BB, pointing to increasing demand in lower time frames and high volatility.
Technically, every low can be a loading opportunity for traders. Specifically, a retest back to $0.34 provides another opportunity for value seekers.
If last week’s expansion spills over to this week, the first target is $1—the 2.618 Fibonacci extension level based on the Dec 2018 lows and Jan 2021 trade range.
Sharp reversals below $0.40 will slow down bulls, even extinguishing the uptrend.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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