By Michael Scott
Cardano’s explosive 126% surge in a 14-day run has analysts suggesting a potential moonshot above the $1 threshold.
Cardano’s upward trajectory in the current bull run is elevating the altcoin firmly to surpass the eighth position of USD Coin (USDC). The $1 price level is no longer an ambitious target as Cardano’s 10.40% intraday gain lifts the altcoin market cap to $29.028 billion.
The recent rally to chart the day’s peak at $0.8453 is a historic development for Cardano (ADA), particularly setting the 52-week high that has a $1 target within reach. The ADA uptrend coincides with the parabolic surge in Bitcoin to set an all-time high (ATH) today at $94,891.17. With BTC now closer to the highly anticipated $100K milestone, Cardano joins the altcoins leap into uncharted territory that captivates analysts and investors for further gain.
A look into the chart shows Cardano realized an impressive double-digit uptick over the past 24 hours to outperform the large-cap crypto assets. The intraday recovery drive leaves Cardano 41.6% up in its weekly chart, trailing XRP’s 61.7% rally in the past seven days. The Cardano community wonders whether ADA will sustain the intraday bullish momentum to $1 days after XRP blasted above the critical milestone. Let’s find out.
Cardano Price Movement
While the current price is 74% below the $3.09 ATH realized in September 2021, both the 30-day run and the year-on-year spell have ADAs price up in three-digit growth. Notably, the price level has risen 115.0% and 102% over the past month and year, respectively.
Cardano’s trajectory is marked by struggles to reclaim the $1 level till this cycle. However, the current surge to a 52-week peak represents a fundamentally different milestone. As mainstream institutions increasingly adopt digital assets into their portfolios, Cardano could witness an accelerated uptrend to a new peak.
The recent price leap by Cardano features a fourth consecutive bullish candle that surpassed $0.819 to push the 52-week high to $0.8453 per CoinGecko data. The solid bullish trend experienced in altcoins appears to build momentum as Cardano climbed 139% from November 1, when it changed hands at a $0.3525 price level.
The parabolic price movement features the golden crossover involving the 200-day and 100-day EMA lines, suggesting continued bullishness. Further scrutiny into the Average Directional Index (ADX) line lies at 48.60. The ADX line shows the peak formation emerges within 50 to 61 levels, thus suggesting room for growth. Additionally, the 4-hour chart shows the Supertrend is 0.712004 and below the Cardano current price to signal that the altcoin is inherently bullish.
Analyst Spot Increased Whales Accumulation
Recent insights by renowned analyst Ali Martinez show that Cardano whales have been locked in the accumulation spree for the past few weeks. The massive rally has seen the Cardano whales increase holdings by 145% for those holding above $10 million.
Martinez observes that those within $1M and $10M worth of ADA have scaled their positions by 83%. The accumulation phase spreads across various positions, particularly those within $100K and $1M, scaling their portfolio by 106% over the past 30 days.
$52B ADA Transactions in One Week
A separate report by the on-chain intelligence platform Santiment shows that Cardano’s transaction volume hit $52.3 billion in the week, which is a seven-month high. The report illustrates over 8,900 transactions executed by the whales for the second consecutive week to set a six-month high.
The analysis by Santiment shows that ADA is decoupling itself from other altcoins. It notes that the ADA price relative to the Bitcoin ratio edges closer to an eight-month peak. Cardano experienced such transaction and whale activity levels in June, preceding the 26% surge in ADA/BTC pairing.
With a price uptick of 36% in the weekly chart., ADA outperforms the global crypto market itself, up 8.9%, and other Layer 1 crypto, up 6.40% in the same time frame per CoinGecko. The recent bull run and market-wide recovery are vital signals that Cardano could reach a $1 price level.
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