- ADA dropped below $1 in the past 24 hours but is now trading well above it.
- Analyst Ali Martinez expects ADA to claim a price tag of $6 in the near future.
- Trump’s pro-crypto administration begins today and the crypto market awaits a breakout.
Cardano’s ADA token reclaimed the $1 price level in the past 24 hours, despite a 5.67% drop in value. As of now, ADA trades at $1.01, securing its position as the ninth-largest cryptocurrency with a market cap of $35.57 billion, according to CoinMarketCap data.
The $0.90 price level has proven to be strong support for ADA, holding steady despite recent market fluctuations. On the upside, resistance at $1.10 is within reach, and investors are closely watching for a move towards this level. A successful breach could push ADA toward its next key resistance at $1.50.
Today marks the beginning of Donald Trump’s pro-crypto administration, with investors waiting for a potential bullish breakout for the market. ADA could make higher highs in the coming days with discussions intensifying on a spot Cardano ETF.
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Analyst sentiment has been overwhelmingly positive, with experts predicting strong upward momentum. Ali Martinez, a respected market analyst, projected that ADA could hit a new all-time high of $6, citing its historical price patterns. Further, the digital asset was also recently added to the Grayscale Digital Large Cap Fund.
Can ADA Hit $6? Analyst Predictions Explained
The daily chart for ADA paints a mixed picture. The RSI reading of 50.92 suggests a balanced tug-of-war between bulls and bears. The gradient of the RSI line also suggests similar sentiments prevailing in the market.
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Meanwhile, the MACD indicator shows the blue MACD line nearing the red signal line, signaling the risk of a bearish divergence. If ADA loses the $1 support, it may retest $0.90 or even lower levels.
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