Cardano Price Retests Key Level: ADA Targeting $1.20 Next?

Key Insights:

• Cardano price has retested its bullish double-bottom price action pattern, with its eyes on $1.20.
• A crypto expert shared a post noting that hitting $1 isn’t a question of if for ADA. It’s a matter of when.
• Alex Becker says, “If Ethereum goes up to $4,500, $5,000, we’re going to see Cardano go to $5.00, $6.00.”

Cardano price has finally paved the way to reach the $1 level. This happened after successfully breaking out of a bullish price pattern.

This breakout and the ongoing retest draw massive attention from crypto experts and investors. They have long anticipated this move.

Experts’ Bold Prediction & Current Cardano Price Momentum

Recently, prominent crypto expert and finance influencer Alex Becker made a bold prediction during his stream. Becker stated, “If Ethereum goes up to $4,500 or $5,000, we’re going to see Cardano go to $5.00 or $6.00.”

Meanwhile, another well-known crypto expert shared a similar prediction on X (formerly Twitter). The analyst stated that for the ADA price to hit $1 isn’t a question of if, it’s a matter of when.

This shows that ADA has substantial upside potential following the breakout amid the ongoing bull market. Due to its ongoing correction, the Cardano price has dipped by 0.50% over the past 24 hours.

At press time, the ADA price stood at $0.876. However, during this period, the asset recorded an intraday high of $0.9294. However, due to profit booking, the price plummeted and now appears to be recovering.

Investors and traders have shown strong interest in the asset despite its price being in a correction mode. CoinMarketCap data reveals that ADA’s 24-hour trading volume has jumped by 53% compared to the previous day.

Cardano Price Action and Key Technical Levels to Watch

According to expert technical analysis, the Cardano price was in an uptrend. Also, it is retesting the key support level of $0.85.

ADA price may sustain this breakout based on recent price action and historical patterns. Also, it might hold above the $0.85 level. A price jump of over 38% could be seen if this happens. It may cross the $1 mark and reach the $1.15 level.

On the other hand, the momentum and sentiment may shift, and the Cardano price may fall below this key level. Following this, the price could experience a sharp downside move.

However, the asset’s RSI indicates that it might continue to move sideways or enter a consolidation phase. Its value has risen above 78, suggesting the asset is overbought.

Bullish On-Chain Metrics

Investors and traders are taking advantage of this sideways momentum, accumulating the asset and betting strongly on long positions.

Coinglass revealed that over the past 24 hours, $3.75 Million worth of ADA has outflowed from exchanges. This indicates potential accumulation and raises the question of an ideal buying opportunity.

Meanwhile, the Binance ADAUSDT long/short ratio suggests that traders are strongly interested in long positions. Over the past 24 hours, this ratio has reached 2.80.

This means traders betting on long positions are 2.80 times more likely than those on short positions. This metric further reveals that 73.7% of Binance traders are betting on long positions. On the other hand, 23.3% are on short positions.

When combining these metrics, bulls are currently dominating the asset. This is potentially due to the recent breakout, bold bullish predictions, and bullish on-chain metrics indicating strong market activity.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.