Cardano (ADA) price has gained significant attention after recording a 6.18% price increase in the last 24 hours. The token is now trading at $1.13, up from an opening price of $1.06.

This consistent growth has been accompanied by a peak of $1.126, signaling strong bullish momentum.

The surge has been supported by increased trading activity, as 24-hour trading volume rose by 9.91% to $2.25 billion.

Cardano’s market capitalization has also climbed to $39.6 billion, reflecting growing investor confidence.

Analysts predict that this upward trend could lead to Cardano testing higher price levels. That is with targets set at $1.20, $1.50, and potentially $2.00 in the mid-term.

Bullish Patterns Drive Market Sentiment for Cardano Price

The price of Cardano has formed a bull pennant pattern, according to crypto analysts. Such a pattern suggests a strong potential for a breakout to the upside.

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Crypto Rand, a popular analyst, said that Cardano’s chart is one of the best in the current market place as more and more investors and analysts expect a positive trend in the price of the asset in the near future.

The bull pennant was formed after a steep price surge and Cardano was able to break through major barriers.

This technical condition together with constant accumulation indicates that the price may again break through the upper boundary of the channel.

If this trend continues, it may take Cardano to break through the next barrier at $1.50 before it moves to achieve the next big benchmark of $2.00.

Market Metrics Indicate Strength

Positive market indicators back up the recent rally of Cardano. Market capitalization now sits at $39.6 billion.

That is a 6.18% rise, with trading volume reaching $2.25 billion, indicating high liquidity and trading volume.

The OI of Cardano has also increased tremendously within the last 24 hours to stand at $787.1 million, a 14.38% rise.

Perpetual contracts lead this figure at $784.1 million of the total and up by 14.46%, while futures contracts fell to $3.0 million from the previous week (-3.68%).

Cardano Price Predictions from the Analysts

Market  experts have set ambitious targets for Cardano, predicting a potential climb to $2.00 in the coming months. 

Analysts put into spotlight certain levels at $1.20, $1.50 and $2.00 stating that $1 is a long term support level.

Such a steady increase and the tendency to preserve the achieved heights allowed Cardano to gain popularity among both small and large investors.

According to the experts, the continued market demand and technical fundamentals are the main reasons behind Cardano’s bullish trend.

What’s Next for Cardano?

Cardano currently seems to be on the right track to hit the mid-term target of $2.00 set by the analysts.

The overall cryptocurrency market is also indicating a potential beginning of the altcoin season as many of the altcoins are seen rallying.

Crypto Rover tweeted ‘‘Trump is about to start the biggest Altcoin season. This is the right moment which has never been seen before.”