Cardano (ADA) Price Analysis: Bullish Surge Continues, $1 Target Within Reach

Cardano's native token ADA is riding a bullish wave, trading closer to the $0.80 zone and attracting both new and seasoned investors. Over the last 30 days, ADA has recorded an impressive 37% surge and is currently trading above $0.75, up by a remarkable +3.90% in the previous 7 days and a narrow surge of 0.53% in the last 24 hours 

Cardano 1-Day Price Chart (Source: CoinMarketCap)

At the time of writing, ADA traded at $0.758, exhibiting resilience and potential for further upside movement. The local support level can be identified around the $0.58 zone, which acts as a strong support level as the price below the level was strongly rejected, as witnessed in its daily chart.

The 24-hour trading volume for ADA stands at over  $877 Million accounting for 3.28% of its market capitalization. Cardano records a circulating supply of over  35 Billion ADA, out of the total supply of over 36.7 Billion  ADA as of writing.  With strong bullish momentum, promising developments, and a potential integration with Firefly, Cardano's ADA is well-positioned for further growth, aiming to reach the coveted $1 target in the near future.

Cardano Founder Hints at Major Network Advancement: Firefly Integration

Cardano, renowned for its emphasis on sustainability, scalability and interoperability, is gearing up for a major advancement. Charles Hoskinson, Cardano's founder, hinted at an imminent integration with Firefly, a Hyperledger Labs platform facilitating decentralized application development. This integration aims to test Firefly's compatibility with Cardano's Stake Pool Operators (SPOs) and potentially enable lightweight consensus by running infrastructure as containers. 

Undertaken in collaboration with Blockfrost, this project aligns with IOG's strategic investment in January. Hoskinson's comments respond to discussions about the "SuperNode" concept, envisioning apps interacting across multiple parties, potentially enhancing Cardano's economic growth through SPOs validating partner chains.

ADA's Bullish Momentum Builds Strength

Cardano's ADA has been on a steady upward trajectory, gaining momentum above crucial resistance levels against the US Dollar. Breaking through barriers, ADA surged above $0.750 and even spiked past $0.780, reaching a high of $0.7991. 

ADAUSD 1-Day Price Chart (Source: TradingView)

On the upside, immediate resistance lies near the $0.7900 zone. A decisive breach above $0.80 could trigger a significant upward move towards $0.8320, with further potential to reach $0.850 or even $0.880.

On the other side, immediate support is found near the $0.7400 zone, with a critical level at the $0.7055 zone. A break below the $0.7055 zone might test the $0.6866 support, with additional downside potential toward the $0.5809 zone

ADAUSD 1-Day Indicators (Source: TradingView)

The 1-Day MACD for ADA/USD is currently hovering around -0.0001, suggesting a slightly bearish momentum in the short term. However, the RSI sits at 61.46, indicating that the asset is in a neutral state, neither overbought nor oversold, leaving room for potential price movements in either direction in the short term.