Cardano’s ADA Gains 12% as Investors Eye ETF Potential and $3 Target

• Cardano’s surge to $1.20 reflects growing investor confidence and bullish momentum.
• Strong support at $1.05 and $1.07 underpins ADA’s upward price trajectory.
• RSI and MACD suggest sustained bullish momentum but hint at short-term overbought conditions.

Cardano (ADA) has seen significant traction of late, reflecting bullish sentiment and heightened investor interest. This surge aligns with broader market optimism and hints at potential ETF news, similar to XRP.

As noted by analyst Dan Gambardello, if ADA sees comparable ETF-related developments, its price could skyrocket, potentially reaching the $3 mark. Current market activity and technical indicators suggest a strong foundation for sustained growth.

Cardano has a lot going for it right now.

But on top of it all, if Cardano has similar ETF news as $XRP, please take note how fast $ADA hits $3.

— Dan Gambardello (@cryptorecruitr)
December 2, 2024

Bullish Indicators Highlight Strong Market Activity

The price of ADA surged to $1.20, marking a 12.12% gain within 24 hours. This uptrend reflects growing confidence among traders and investors. Trading volume spiked by an impressive 343.08%, demonstrating high activity levels.

Read also: Cardano (ADA) Momentum Builds—Will It Break $1.30 and Hit $2 Soon?

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In addition, Cardano’s market capitalization also rose by 12.12%, reaching $42.05 billion. This robust market behavior suggests a favorable environment for ADA’s continued upward movement.

Key Support and Resistance Levels in Focus

Cardano’s price has established critical support levels at $1.05 and $1.07. The $1.05 level acted as a strong rebound point, which prevented further declines earlier in the session. Meanwhile, $1.07 served as intermediate support during minor dips, allowing the price to maintain its bullish trajectory.

On the resistance side, $1.22 emerged as a significant barrier after ADA slightly retraced from this level. Additionally, $1.18 proved to be a minor resistance point, temporarily pausing upward momentum before ADA challenged the $1.22 high.

Momentum Signals Suggest Further Upside Potential

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Trading view

Momentum indicators further reinforce the bullish outlook for Cardano. The 1-hour Relative Strength Index (RSI) stands at 61.39, indicating that ADA is nearing overbought territory. 

However, this suggests that the asset remains attractive to buyers in the short term. Additionally, the 1-hour Moving Average Convergence Divergence (MACD) is trading above the signal line, highlighting positive momentum.

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