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<p>Cardano’s native token, ADA, has seen a notable price pump over the past 24 hours. As of writing, ADA is trading at $0.675 – up over 7% in the last day. This price surge can be attributed to several key factors:</p>
<p><a href="https://www.tradingview.com/chart/ADAUSD/H5Vd37l8-ADA-price-set-to-achieve-1-shortly/" target="_blank" rel="noopener noreferrer nofollow">According</a> to crypto analytics platform Coinpedia, ADA is showing signs of a potential breakout. Their recent analysis states: “Teasing a breakout above the $0.68 mark, aiming for $1.” They note that ADA has successfully retested support at $0.57 and now looks poised for a move upwards.</p>
<p>The broader crypto market boom is also fueling interest in altcoins like ADA. With Bitcoin stabilizing above $63k and heading towards its next halving event in April, market sentiment has turned bullish. The total crypto market cap now exceeds $2.3 trillion. As the tide rises for leading crypto assets, it tends to lift all boats.</p>
<p>Additionally, ADA now holds the #8 spot by market capitalization, with a market cap of over $24 billion. Its trading volume has surged 134% in the last day, indicating growing interest.</p>
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<p>When looking at potential price targets for ADA’s rally, the $0.93 level stands out as being closely aligned with the 1.618 Fibonacci extension level. For those unfamiliar, the 1.618 level is a key Fibonacci ratio that is popular in technical analysis for identifying areas of support and resistance. This ratio also corresponds to the 161.8% extension of a previous price swing.</p>
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<p>From a technical perspective, Coinpedia points out the MACD indicator is showing a bullish crossover – typically a sign that a trend reversal could occur.</p>
<p>So where does this leave <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="Cardano" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> price predictions? According to the analysis, if ADA can close decisively above $0.70, it could trigger an influx of traders and launch the next leg of its breakout rally, with sights set on the psychological $1 level. With Bitcoin charging ahead and appetite for altcoins increasing across the board, traders appear confident that ADA could soon hit this new milestone.</p>
<p>All in all, if market conditions remain favorable, ADA looks positioned for further gains, making it a crypto to watch closely in the days and weeks ahead.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-cardano-price-pumping-ada-is-getting-closer-to-the-1-mark/" rel="noopener noreferrer nofollow">Why Is the Cardano Price Pumping? ADA Is Getting Closer to the $1 Mark</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is the Cardano Price Pumping? ADA Is Getting Closer to the $1 Mark

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