News/CryptoPotato/Cardano’s ADA Takes the Lead: Is the $1 Breakthrough on the Horizon?
Over the past week, Cardano’s ADA has stormed ahead, demonstrating a 30% surge following a period of consolidation and price alerts from crypto enthusiasts. Many anticipate this to be the beginning of a steeper incline, with the potential of ADA surpassing the $1 mark if it successfully breaches a crucial resistance level.
A renowned crypto analyst, with close to 140,000 followers, speculates that this breakthrough could propel ADA’s price between $0.90 and $1.20.
The resistance that may impede ADA’s climb is approximately at the $0.74 mark, a familiar level for ADA as it has previously halted its price ascension. ADA managed to surpass this level briefly during Friday’s price surge, peaking at almost $0.78 in a two-and-a-half-month high. However, the bears swiftly reconvened, preventing a decisive closure above it.
The last time ADA consistently traded above $0.74 was in mid-May, after which it experienced a significant correction, falling to $0.5 at one point. Despite this, ADA has stood out as the top performer among the 12 largest cryptocurrencies by market cap in the past week, gaining nearly 30%. This is more than both XRP (26%) and HYPE (22%).
This remarkable surge follows IOG’s proposal to trade $100 million worth of ADA for BTC and stablecoins to bolster the blockchain’s DeFi ecosystem. This proposal was met with resistance from some quarters who suggested it could trigger a painful sell-off and price dips. Regardless, Charles Hoskinson was quick to ridicule the skeptics after ADA’s leap beyond $0.7, making it a top performer.
