Cardano (ADA) has had one of the best performances over the past three weeks, rising more than 200% to reach its highest level in two and a half years. Today the cryptocurrency rose more than 20% to surpass the $0.90 level, fueling bullish sentiment towards the long-awaited dollar target.
Cardano hits new year high above $0.90
On Friday, Cardano broke through the $0.81 resistance level and quickly rose towards the $0.90 mark, hitting a new high of the year at $0.97. This performance represents a 22% increase over the past 24 hours, pushing the token to its highest price since late April 2022.
Cardano peaked above the $3.10 mark three years ago, but lost upward momentum as the cryptocurrency market struggled, hitting a low of $0.22 in June 2023. Since falling 92% from its all-time high (ATH), ADA has been exposed It has been heavily criticized for underperforming the rest of the market.
However, the cryptocurrency recovered during its highs in the first quarter of 2024, reaching the $0.81 mark before losing 66% of its gains in the next few months. The recent market rally has seen ADA outperform most altcoins in the past three weeks, leading to renewed interest in the cryptocurrency.
According to the CoinGlass website DataCardano’s open interest (OI) has risen by 28.25% over the past 24 hours, reaching $855.5 million today. Additionally, it has jumped by more than 11% in the past four hours, indicating increased activity and confidence among cryptocurrency traders.
ADA going to $1 soon?
Cardano investors and cryptocurrency analysts recently expressed optimism about ADA’s “fire” performance. Cryptocurrency analyst Ali Martinez male Cardano’s price has risen more than 200% this month, supported by whales and institutional investors.
According to the publication, the volume of large ADA transactions on the network has increased by more than 297% since the US elections, reaching $22 billion on November 19.
These large transactions are associated with high accumulation levels, as whales with between $1 million and $10 million in ADA have increased their positions by more than 100% in the last 30 days, Martinez noted.
He also emphasized that the ADA appears to reflect price action for 2020-2021. As reported by NewsBTC, the analyst suggested that the cryptocurrency is set to see a 2,000% rally towards the $6 mark if it continues following its previous behavior.
With the price rising above $0.90, Martinez noted that the $0.80 resistance level, where 48,000 addresses bought 1.2 billion ADA, was “a key support area to watch for the bullish thesis to hold.”
Analyst Sebastian Highlight And that after the resistance of $0.80, “there will be no significant resistance until the $1.2 level.” As such, ADA will likely see a “blowout from here” and target the long-awaited $1 mark over the weekend.
As of this writing, ADA is trading at $0.97, an increase of 46% in the past seven days.