Main Highlights:
- ADA approaches $0.90 after surging over 10% in the last 24 hours.
- The cryptocurrency may soon surpass Tron (TRX) to become the ninth largest by market capitalization.
ADA Rises as Altcoins Gain Momentum
Bitcoin reached a new all-time high of $123,000 on Monday, but altcoins have dominated the spotlight since then. Meme coins like Dogecoin, Shiba Inu, Floki, and others have experienced significant gains, many rising by double digits this week.
As the week concludes, major altcoins are making strong statements. Ethereum, the second-largest cryptocurrency by market cap, added nearly 9% to its value over the last 24 hours, reaching approximately $3,600.
Among the top ten cryptocurrencies, Cardano’s ADA has proven to be the standout performer, adding close to 14% earlier today. The coin was nearing the $0.90 mark before retracting slightly, currently trading at around $0.85.
This positive momentum follows the historic passage of the GENIUS ACT in the United States, signaling a beginning of regulatory clarity for cryptocurrencies within the country. Analysts suggest ADA could reach $1 as bullish sentiment firmly establishes itself in the market.
Additionally, ADA Open Interest surpassed $1.4 billion on Thursday, reflecting the optimistic outlook of derivatives traders. The open interest for ADA is now approaching the January 2025 peak of $1.5 billion. Technical projections hint at a mounting bullish bias that could propel ADA’s price to $1.
ADA Sets Sights on $1 as Bullish Momentum Builds
The 4-hour ADA/USD chart shows a bullish trend with buyers firmly in control. The coin has surpassed the 0% Fibonacci retracement level at $0.8233, drawn from its December 3 peak of $1.3264 to its April 7 low of $0.5110.
If bullish momentum continues, ADA could near the 61.8% Fibonacci level at $0.9214 in the coming hours or days. A sustained rally could help ADA reclaim the psychological level of $1.
The RSI reading of 72 indicates that ADA is in the bullish zone, while positive MACD lines suggest robust buying pressure. However, if momentum falters, ADA may retest the 50% Fibonacci level at $0.8233. In the event of a prolonged bearish run, a drop back to the weekend low of $0.6880 could occur.
