Key takeaways
- ADA is approaching $0.9 after rallying by over 10% in the last 24 hours.
- The coin could soon overtake Tron’s TRX to become the 9th-largest crypto by market cap.
ADA rallies higher as altcoins dominate
Bitcoin rallied to a new all-time high of $123k on Monday, but altcoins have taken over the show since then. Memecoins such as Dogecoin, Shiba Inu, Floki, Fartcoin, SPX, TRUMP, and Bonk led the way for most of the week, with most of them up double digits in percentages during that period.
The week is coming to an end with the leading altcoins making a strong statement. Ether, the second-largest cryptocurrency by market cap and the leading altcoin, added nearly 9% to its value in the last 24 hours to hit the $3,600 mark.
Cardano’s ADA is the best performer among the top 10 cryptocurrencies by market cap, adding nearly 14% to its value earlier today. The coin was approaching the $0.90 mark before retracing to now trade around $0.85 per coin.
The positive performance comes after the landmark passing of the GENIUS ACT in the United States, indicating the beginning of regulatory clarity for cryptocurrencies in the country. ADA could rally to the $1 level soon as the bullish sentiment grows stronger in the market.
Furthermore, ADA Open Interest surpassed $1.4 billion on Thursday, reflecting the upbeat sentiment among derivative traders. ADA’s Open Interest is now approaching the $1.5 billion high set in January 2025. The technical outlook suggests a boost in bullish bias that could potentially drive ADA’s price to $1
ADA eyes $1 as bullish momentum grows stronger
The ADA/USD 4-hour chart is bullish and efficient, indicating that the buyers are firmly in control of the market. The coin has surpassed the 0% Fibonacci retracement level at $0.8233, drawn from the December 3 high of $1.3264 to the April 7 low of $0.5110.
If the bullish momentum persists, ADA could rally towards the 61.8% Fibonacci level at $0.9214 in the coming hours or days. An extended rally would see ADA reclaim the $1 psychological level.
The RSI of 72 shows that ADA is in the bullish zone, while the MACD lines are also positive, suggesting a strong buying pressure.
However, failure to build upon this momentum could see ADA retest the 50% FIB level at $0.8233. In the event of an extended bearish run, ADA could retest the weekend’s low of $0.6880.
