Cardano (ADA) is approaching regaining the $1 mark following a massive upward trend. The popular cryptocurrency achieved 9.8% on the daily chart, 29.8% on the weekly chart, 34.6% on the 14-day chart, and 30.8% on the previous month. As Coingecko revealed, ADA prices have risen 82.7% since July 2024. Ada spent some rough months in the larger bear market. As we enter another bullish phase, the project seems to be turning things around.
How quickly can a Cardano reach $1?
The ADA’s latest gathering comes from a revival of the entire market. The Cryptocurrency Market experienced a massive rally after Bitcoin (BTC) recorded a new all-time high of $122,834. The big gatherings of BTC may have been driven by a large institutional influx into ETF products. Both Bitcoin (BTC) and Ethereum (ETH) ETFs have seen a consistent inflow last month.
If the current gathering continues at its current pace, Cardano (ADA) can hit the $1 mark next week. Assets can face some resistance at the level of $0.85. The ADA tested this price level multiple times in May, but did not succeed. Breaking through the $0.85 price range will allow you to quickly drive your $1 North asset price.
Despite the big rebounds, Cardano (ADA) is down 73.5% from an all-time high of $3.09. The assets peaked in September 2021, almost four years ago. BTC has hit new peaks more frequently than ever before, but other assets continue to trade far lower than their all-time highs.
Cardano (ADA) could also face corrections if BTC reaches the barrier. The original cryptocurrency is driving a surge in the current market. A BTC drop could lead to investors booking profits. Such a scenario could lead to market-wide revisions.
We haven’t seen how the ADA will function over the next few weeks yet. Fresh volatility can move the market in either direction.