• Cardano has gained over 18% and is now trading at $0.7462.
  • ADA’s daily trading volume has jumped by more than 115%.

Following a steady gain of over 6.32%, the crypto market has bounced back to its $3.68 trillion. The largest assets like Bitcoin (BTC) and Ethereum ( ETH ) have risen to their new highs, while other assets have reclaimed their recent highs, trading on the upside. Among them, Cardano (ADA) has recorded a surge of over 18.67% in the last 24 hours. 

If the upward correction continues steadily, ADA could climb to the $1 mark soon. The asset opened the day trading at a low level of $0.6227. With the bullish shift, the price has moved up to a high of around $0.7589. As per CMC data , at the time of writing, Cardano traded within the $0.7462 range

ADA’s market cap has reached $26.30 billion, and its daily trading volume has increased by over 115%, touching $2.16 billion. Furthermore, the market has witnessed a $6.33 million Cardano liquidation in the last 24 hours, according to Coinglass data . 

Can Cardano Keep Climbing, or is a Reversal Near?

The Moving Average Convergence Divergence (MACD) line of Cardano is stationed above the signal line. It generally indicates an uptrend, that the asset’s short-term trend is stronger than the long-term trend, and the price may rise. Besides, ADA’s Chaikin Money Flow (CMF) indicator is found at 0.44, which suggests a strong buying pressure in the market, with the capital flowing into the asset.

Can Cardano (ADA) Ride the 18% Wave to Hit $1? image 0

Moreover, the asset is in extremely overbought condition, as the daily Relative Strength Index (RSI) is at 91.56. This high level shows strong bullish pressure, with the risk of a potential correction or pullback. Cardano’s Bull Bear Power (BBP) value of 0.1288 signals a mild bullish strength within the market. 

The four-hour price chart of the asset shows the ongoing bullish outlook. If the uptrend aggravates, the Cardano price might climb and test the nearby resistance at $0.7468. An extended gain could trigger the golden cross to emerge and open the door to more upside correction above the $0.7477 range. 

On the flip side, assuming Cardano’s price reversal and the formation of a death cross. The bears might strengthen the downside price action, likely bringing in a retest at around the $0.7454 support. Further loss of the asset could potentially push the price down to its former lows below the $0.7445 mark.