Will ADA Price Hit $1 In 2024?

The crypto market has been constantly recording volatile price action over the past few days. This has created a Fear, Uncertainty, and Doubt (FUD)-like situation

The cryptocurrency market has experienced persistent volatility in recent days, instilling a palpable sense of Fear, Uncertainty, and Doubt (FUD) within the crypto community. This market turbulence is evident in the price movements of leading digital assets.

Bitcoin, the world's largest cryptocurrency by market capitalization, is currently valued at $59,168, having undergone a 24-hour price change of -2.27%. This price decrease follows a brief period of recovery earlier in the week, where BTC price had risen above the $60,000 level.

However, some altcoins, such as Cardano (ADA), have managed to buck the broader market trend and sustain a bullish momentum. ADA price has risen over the past week, and with the upcoming Chang Hard Fork update on the horizon, anticipation is brewing for a significant price movement in ADA.

If you're considering stacking this altcoin in anticipation of its quest to reach the $1 mark, continue reading as we delve into the price action and potential short-term price targets for ADA.

ADA Coin Set to Retest Critical Resistance Level

Cardano price has been trading within a falling wedge pattern since mid-April, as highlighted by decreasing volume and price highs. The ADA price has bounced off the support trendline (dotted line) and formed a support/resistance zone at $0.330.

From this support zone, ADA price attempts to rally & faces the next hurdle at $0.353. A breakout and 4-hour candle close above this level will open the doors for a quick rally toward the upper wedge resistance, currently at $0.38.

A 4-hour candle close above the falling wedge will lead ADA toward the Fib 0.382 level at $0.4075, where traders can expect the next strong resistance.

On the downside, a 4-hour candle close below the support trendline will lead ADA price toward a new yearly low.

ADA Price Analysis 1-Hour Chart ADA Coin Shows Strength; Price Set to Continue Rising

The Simple Moving Average (SMA) in the 1D time frame shows a bullish convergence. This indicates an increase in buying pressure for ADA crypto in the market.

The Moving Average Convergence Divergence (MACD) indicator displays a constant rise in the green histogram, indicating strong bullish action in its averages. This highlights that the altcoin will continue gaining value this week.

Relative Strength Indicator (RSI) showcases a strong bullish momentum with the indicator positioned in the overbought zone and turning sideways to indicate a possible slowdown in the buying pressure.

Relative Strength Index (RSI) 1-Hour Chart ADA Coin Might Test Upper Bollinger Band Resistance

The Bollinger Bands indicator shows a widening of the bands, indicating high volatility in ADA price. The coin price is currently trading below the upper Bollinger Band, indicating a possible resistance at this level.

Bollinger Bands 1-Hour Chart ADA Price Hitting $1 In 2024?

If the market continues to gain momentum, ADA price will head toward the resistance trendline of the falling wedge pattern. Suppose, the bulls maintain the coin’s value above that level. In that case, this altcoin will prepare to test its upper high of $0.4075 in the coming time.

For the Cardano (ADA) price to achieve the $1 mark, it will require a price surge of 185.067%, considering its current price of $0.3508. On the contrary, if the bears continue to dominate the crypto market, the Cardano token will plunge toward a new yearly low.