{"id":1676,"date":"2024-11-23T15:00:21","date_gmt":"2024-11-23T15:00:21","guid":{"rendered":"https:\/\/coinsrise.net\/blog\/cardano-hits-2-year-high-of-0-97-analyst-bullish-on-1-target-for-the-weekend\/"},"modified":"2024-11-23T15:00:21","modified_gmt":"2024-11-23T15:00:21","slug":"cardano-hits-2-year-high-of-0-97-analyst-bullish-on-1-target-for-the-weekend","status":"publish","type":"post","link":"https:\/\/coinsrise.net\/blog\/cardano-hits-2-year-high-of-0-97-analyst-bullish-on-1-target-for-the-weekend\/","title":{"rendered":"Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target For The Weekend"},"content":{"rendered":"

Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high. Today, the cryptocurrency rose over 20% to break above the $0.90 mark, fueling a bullish sentiment for the long-awaited $1 target.<\/p>\n

Cardano Makes New Year-High Above $0.90<\/h2>\n

On Friday, Cardano broke past the $0.81 resistance and skyrocketed toward the $0.90 mark, making a new year-high of $0.97. This performance represents a 22% surge in the last 24 hours, driving the token to its highest price since late April 2022.<\/p>\n

Cardano peaked above the $3.10 mark three years ago but lost its bullish momentum as the crypto market struggled, hitting its lowest price of $0.22 in June 2023. Since dropping 92% below its all-time high (ATH), ADA has been heavily criticized for underperforming the rest of the market.<\/p>\n

Nonetheless, the cryptocurrency recovered during Q1 2024 highs, reaching the $0.81 mark before losing 66% of its gains in the next few months. The recent market rally has seen ADA outperform most altcoins in the last three weeks, renewing interest in the cryptocurrency.<\/p>\n

According to CoinGlass\u2019 data<\/a>, Cardano\u2019s open interest (OI) surged by 28.25% in the past 24 hours, hitting $855.5 million today. Additionally, it has jumped over 11% in the past four hours, suggesting increased activity and confidence among crypto traders.<\/p>\n

ADA To Hit $1 Soon?<\/h2>\n

Cardano investors and crypto analysts have recently expressed their bullishness over ADA\u2019s \u201cfire\u201d performance. Crypto analyst Ali Martinez noted<\/a> that Cardano has surged over 200% this month, fueled by whales and institutional investors.<\/p>\n

Per the post, the volume of large ADA transactions on the network had increased by over 297% since the US election, reaching $22 billion on November 19.<\/p>\n

Martinez signaled that these large transactions are related to high accumulation levels, as whales holding $1 million to $10 million in ADA increased their positions by over 100% in the last 30 days.<\/p>\n

He also highlighted that ADA seems to be mirroring its 2020-2021 price action. As reported by NewsBTC, the analyst has suggested the cryptocurrency is set to experience a 2,000% run toward the $6 mark if it continues to follow its past behavior.<\/p>\n

As the price soared past $0.90, Martinez pointed out that the $0.80 resistance, where 48,000 addresses had bought 1.2 billion ADA, was a \u201ckey area of support to watch for the bullish thesis to hold.\u201d<\/p>\n

Analyst Sebastian highlighted<\/a> that, after the $0.80 resistance, \u201cthere isn\u2019t much resistance until $1.2.\u201d As such, ADA could potentially see \u201can explosion from here\u201d and target the long-awaited $1 mark over the weekend.<\/p>\n

As of this writing, ADA is trading at $0.97, a 46% increase in the last seven days.<\/p>\n

\"ADA,<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high. Today, the cryptocurrency rose over 20% to break above the $0.90 mark, fueling a bullish sentiment for the long-awaited $1 target. Cardano Makes New Year-High Above $0.90 On Friday, Cardano broke past the $0.81…<\/p>\n","protected":false},"author":1,"featured_media":1677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[33,36,10,37,464,122,25,1114,15,252,17],"class_list":["post-1676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-ada","tag-adausdt","tag-bitcoin","tag-cardano","tag-cardano-ada-price","tag-cardano-bullish","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader","tag-cryptocurrency-market-news"],"_links":{"self":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/1676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/comments?post=1676"}],"version-history":[{"count":0,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/1676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media\/1677"}],"wp:attachment":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media?parent=1676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/categories?post=1676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/tags?post=1676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}