During today’s trading on the crypto market, the price of the popular cryptocurrency Cardano (ADA) regained the important psychological mark of $1. In total, the price of ADA has increased by 193% since the beginning of this month, and at its peak its value tripled compared to what we could see in early November. The Cardano token is quite popular; it is ranked ninth on the list of largest cryptocurrencies by capitalization, and its daily trading volume, according to CoinMarketCap, currently amounts to more than $2.5 billion.
This has many crypto market participants wondering what to expect next from ADA.
Despite the fact that the cryptocurrency market does not like forecasts, some indicators can help at least give an idea of the direction of the instrument’s price movement. One of them is the Fibonacci sequence.
Although the cryptocurrency market is known for its unpredictability, certain indicators, such as the Fibonacci sequence, can provide insight into potential price movements.
Using the Fibonacci indicator, analysts suggest that if Cardano maintains its bullish momentum, the next major target could be $2.453, which corresponds to the 1.618 Fibonacci level. If this level is broken, the next key target will be the 2.618 Fibonacci level at $8.30. These levels are considered important because they often coincide with areas where the most buying or selling activity occurs, making them recalcitrant in shaping price movements.
This is just speculation at this point, but it appears that Cardano is seeing renewed interest and optimism with the return of $1. If conditions remain favorable, further gains could be on the horizon.
