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ADA has currently slipped into the red zone, but it is holding strong above the $1 level. Up by more than 50 percent in the last seven days, ADA is eyeing the important $2 level. Similarly, Ripple’s XRP has also recorded impressive gains and is trading at $1.46 levels. Now, the question is which of these two altcoins will hit the $2 mark first.
The announcement that Gary Gensler is stepping down from his position at the SEC has had a major impact on the crypto market, particularly for XRP and Cardano. This news is seen as bullish for ADA because Gensler’s SEC had previously labeled several cryptocurrencies, including Cardano, as securities.
Cardano Price Prediction:
According to analyst Josh of Crypto World, Cardano’s price is currently breaking out above a key 50% Fibonacci retracement level, which had previously been a resistance point. The price has recently broken the $0.83 mark, which is a crucial level to watch.
Next Price Targets:
Golden Pocket Target: The next major resistance zone for Cardano lies between $1.13 and $1.22. This is known as the “Golden Pocket” and is often seen as a critical level where price action could either stall or experience a pullback.
78.6% Fibonacci Target: If Cardano can break above the $1.22 to $1.23 range, the next major price target is at approximately $1.76, marked by the 78.6% Fibonacci retracement level. This level represents an important point for further upward momentum.
Historical Performance:
Looking at past trends, when Cardano was in this position on the chart, it experienced significant price increases, sometimes reaching as much as 400% in gains compared to Bitcoin. This suggests that if Cardano continues to outperform Bitcoin, we could see massive gains for ADA in the coming months, potentially well into 2025.
