Cardano (ADA) has experienced a rather bullish breakout in the past few days. The asset has grown nearly 20% on the weekly chart, 12.7% on the 14-day chart, 22.6% on the previous month and 85.1% since May 2024. The crypto market is facing minor revisions in today’s liquidation. The ADA has soaked 3.3% in the last 24 hours. If the market regains its momentum, the ADA can regain a dollar.
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When a long position is settled, the cryptocurrency slides
$713.6 million has been liquidated from the Cryptocurrency market in the last 24 hours, according to Coinglass data. Cardano (ADA) and other crypto assets suffer from liquidation spikes.
The recent DIP for the ADA comes after the price of Bitcoin (BTC) fell to the $102,000 level after it did not violate $105,000. According to Crypto analyst Ali Martinez, the BTC long position worth $1.45 billion was faced liquidation after it fell to $102,700 for assets.
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The market dip could be due to investors booking profits after a recent rally. The ADA hit the $0.84 mark on May 12th. This is a level that has not been tested since early March.
Is it a dollar for Cardano’s card?
The ADA should rise 26.58% to reach its $1 target. The property has not violated the $1 mark since March 3rd of this year. If the crypto market rebounds from the latest slump, the ADA can regain a dollar.
Cincodex doesn’t think the ADA will hit a dollar anytime soon. According to analysts at Concodex, Cardano (ADA) could potentially raise $0.90 on May 17th. The price of the asset will face a 13.92% meeting if it reaches the $0.90 target. Cincodex predicts the revision to $0.68 by May 24th, and does not expect the asset to be priced at $0.90.
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The crypto market could regain its luster. The Federal Reserve may cut interest rates at the next meeting. Interest rate cuts can cause a surge in risky investments. Cardano (ADA) and other crypto assets could surge under such conditions.
