Key Takeaways
- ADA is nearing $0.90 after surging over 10% in the last 24 hours.
- The cryptocurrency could soon surpass Tron (TRX) to become the ninth largest by market capitalization.
ADA Surges as Altcoins Take the Spotlight
Bitcoin reached a historic high of $123,000 on Monday, yet altcoins have taken center stage since then. Meme coins like Dogecoin, Shiba Inu, Floki, and others have led the charge this week, many witnessing double-digit percentage increases.
As the week draws to a close, major altcoins are making strong statements. Ethereum, the second-largest cryptocurrency by market capitalization, has added nearly 9% to its value within the last 24 hours, climbing over the $3,600 mark.
Cardano’s ADA is the best performer among the top ten cryptocurrencies, gaining almost 14% earlier today and approaching the $0.90 threshold before retreating and currently trading around $0.85 per coin.
This positive performance follows the historic passage of the GENIUS ACT in the United States, signaling the onset of regulatory clarity for cryptocurrencies in the country. Analysts suggest ADA could reach the $1 mark as bullish sentiment strengthens across the market.
Additionally, open interest for ADA surpassed $1.4 billion on Thursday, reflecting optimistic sentiment among derivative traders. The open interest is now nearing its peak of $1.5 billion set in January 2025, suggesting a potential bullish trend that could drive the price of ADA up to $1.
ADA Aims for $1 as Bullish Momentum Builds
The ADA/USD four-hour chart appears bullish, indicating strong control by buyers in the market. The coin has broken past the 0% Fibonacci retracement level at $0.8233, drawn from its peak of $1.3264 on December 3 to its low of $0.5110 on April 7.
If bullish momentum continues, ADA could move towards the 61.8% Fibonacci level at $0.9214 in the coming hours or days. A sustained rally may allow ADA to reclaim the psychological level of $1.
The RSI at 72 indicates that ADA is in the bullish zone, while positive MACD lines suggest strong buying pressure. However, if the momentum falters, ADA may retest the 50% Fibonacci level at $0.8233. In the event of a prolonged bearish run, the coin could revisit last weekend’s low of $0.6880.
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