The cryptocurrency Cardano (ADA) is exhibiting strong buying pressure, climbing above $0.75 and suggesting potential growth toward the $1 value range.
Currently, ADA is being exchanged for approximately $0.755, marking a 4% increase over the past day. This surge is attributed to a fresh wave of demand in the cryptocurrency market, which has propelled Cardano higher.
In simple terms, during the early trading hours of Wednesday, Bitcoin (BTC), the most valuable cryptocurrency, moved closer to its record peak prices, reaching approximately $108,000. The level of open futures contracts on prominent crypto exchanges has reached an all-time high, suggesting a rise in speculative investments and positions that are leveraged.
After hitting a low of $0.7105 on May 19, Cardano has been on an upward trajectory and is poised for two consecutive days of growth since then. Today saw Cardano’s price peak at an intraday high of $0.766 as investors remain curious about the next move for this cryptocurrency.
What’s next?
From a positive perspective, the next significant barrier for Cardano (ADA) is located at the Daily Simple Moving Average 50 ($0.811) and then at $0.8645. If ADA maintains its current pace and successfully surpasses these hurdles, it could potentially reach $1. Overcoming $1 would be a substantial milestone for Cardano’s price, possibly indicating a reversion to its past bull market trend.
Currently, Cardano is holding steady within a range set by its 50-day and 200-day moving averages, which are at approximately $0.689 and $0.811 respectively. The Daily Relative Strength Index (RSI) slightly surpasses the 50 midpoint, suggesting it might consolidate for a few days before making its next significant move.
Moving forward, the potential resistance point is set at $0.71, which is slightly above our 50-day Simple Moving Average (SMA) currently at $0.68. If we breach and close below this 50-day SMA, it could increase the likelihood of a downward trend to approximately $0.58.
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2025-05-21 17:03