Cardano (ADA) price hits 41% weekly growth, $1 target in sight
The price of Cardano (ADA) has increased by 41.89% in the last seven days, indicating a strong bullish momentum in the market. Growth remains strong, supported by key technical indicators such as the ADX and Ichimoku Cloud, indicating sustained positive sentiment.
However, signs of strengthening short-term indicators and narrowing gaps suggest the rally could face challenges if buying pressure weakens.
ADA's current growth is still strong.
The Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The scale has been above 40 since November 7. This high ADX value confirms that ADA's continued uptrend is strong, indicating strong motivation behind recent price movements.
With a positive direction indicator (D+) at 21.3 and a negative direction indicator (D-) at 11, the bullish pressure continues to outweigh the bearish movement, which supports the upward direction.
ADX measures the strength of the trend regardless of its direction. Values above 25 indicate a strong trend, while values below 20 indicate weak or absent trends. With ADX at 42.7, ADA is clearly in strong growth, indicating significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA's price may continue its upward movement if current conditions persist.
Cardano Ichimoku Cloud shows an important sign
The Ichimoku Cloud chart for Cardano shows an overall upward trend as the price remains above the cloud (Kumo). Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA's recent rally.
While price is trading above these lines, the divergence between price and the Tenkan-sen indicates weakening short-term momentum.
The green cloud ahead suggests potential support for ADA growth, but the current level of consolidation indicates the need for sustained buying pressure to sustain this momentum.
If the price falls below the Kijun-Sen or closes to the cloud, it may indicate a bearish trend.
ADA Price Prediction: Could it hit $1 in November?
If Cardano (ADA) continues its strong rise, it may test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 level, which would represent a 20% increase from current levels and the highest price for Cardano since April 2022.
However, as pointed out by Ichimoku Cloud, a potential reversal could be on the horizon. If the bearish momentum takes over, ADA may face significant downward pressure that could push the price down to $0.51.
If this support fails, the price could fall further to $0.32, representing a 59% correction. This highlights the importance of current levels of support and resistance in determining ADA's future direction.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
