Cardano has experienced a significant bullish breakout in the past few days. In the last few days, Cardano (ADA) has experienced a bullish breakout. The weekly chart shows a gain of nearly 20 percent, the 14 day chart – 12.7%, the 22.6% for previous month and the 85.1% from May 20,24. A slight correction has occurred in the crypto markets today due to heavy liquidations. ADA is down 3.3% since the previous 24 hours. ADA can reclaim up to $1 if the markets regain their momentum.
You may also like: Markets Flash Green After Hayes Declares: ‘Buy Everything’
Cryptocurrencies Slide As Long Positions Liquidate
CoinGlass reports that $713.60 Million was liquidated in the market for cryptocurrencies during the last 24 hour period. Cardano and other crypto-assets have been affected by the spike in liquidation.
ADA’s recent dip comes after Bitcoin’s (BTC) price fell to the $102,000 level after failing to breach $105,000. According to a crypto analyst Ali Martinez, $1.45 billion worth of BTC long positions faced liquidations after the asset’s dip to $102,700.
You may also like: China Chooses US Trade, Weakens Russia’s De-Dollarization Push
Investors could be taking profits following the recent market rally. ADA reached the $0.84 level on May 12 – a mark not seen since March.
Cardano to be $1?
ADA must rally by 26.58 % to reach the $1 goal. This asset has not broken the $1 barrier since March. This year, the 3rd of March. ADA might reclaim the $1 if crypto markets recover from their latest crash.
CoinCodex doesn’t expect ADA to reach $1 any time soon. CoinCodex analysts predict that Cardano (ADA), could rise to $0.90 as early as May 17. The asset’s price will face a 13.92% rally if it hits the $0.90 target. CoinCodex does not expect the asset’s price to hold at $0.90, predicting a correction to $0.68 by May 24.
You may also like: AI Sets Pepe (PEPE) And Trump (TRUMP) Price For May End 2025
The crypto market could regain some of its shine. Federal Reserve might cut interest rates during its next gathering. The Federal Reserve may cut interest rates at its next meeting. Cardano (ADA), and other crypto-assets, could rise under such circumstances.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
