Cardano Surges 46% in a Month: Can ADA Break $1 Soon?

Cardano (ADA) had an impressive run in the past month. Its price climbed 46.91%, reaching $0.9719. The market cap surged to $34.22 billion, reflecting increased investor confidence. Trading volume skyrocketed by 1,805.62% in 24 hours, hitting $10.73 billion. This surge indicates a strong buying trend.

ADA’s Price Movement and Key Levels

ADA started the month around $0.93 but dipped below $0.80 for most of February. The lowest recorded price was $0.6461. However, the last few days saw a sharp breakout, pushing ADA to $0.97. At its highest in March, ADA touched $1.13 before retracing slightly.

One month price chart. Source: CoinMarketCap

Despite this bullish momentum, ADA remains far from its all-time high of $3.10, recorded in September 2021. However, it is significantly above its all-time low of $0.01735 from October 2017. Several factors contributed to ADA’s price surge. Increased network activity and ecosystem developments played a role.

Investors also anticipate further growth, with many expecting ADA to reclaim the $1 mark soon. Market sentiment remains optimistic, backed by high trading volume and strong fundamentals. Cardano’s circulating supply stands at 35.21 billion ADA, with a total supply of 44.99 billion. This controlled supply structure helps maintain price stability.

Can ADA Sustain Its Momentum?

Cardano’s breakout past $1.10 was short-lived, but the strong recovery suggests growing demand. If bullish pressure continues, ADA could test resistance at $1 again. However, a pullback remains possible if momentum weakens.

With Bitcoin and the broader crypto market showing strength, ADA may continue its uptrend. If buyers push above $1.13, a rally toward $1.25 could follow. However, if selling pressure increases, ADA might retest support around $0.80.

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Cardano had an impressive month, gaining nearly 47%. Its trading volume exploded, signaling heightened investor interest. While ADA remains below its all-time high, it shows strong signs of recovery. If momentum holds, breaking past $1 could be within reach. The next few weeks will be crucial in determining its long-term trajectory.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.