Cardano price surged nearly 120% this week, reaching highs of $0.98
Current Cardano Price
Cardano (ADA) rose almost 120% this week as prices climbed to $0.98 — the highest level for the cryptocurrency since January 2018.
On this momentum, Cardano briefly surpassed Tether (USDT) to claim the third spot among cryptocurrencies by market capitalization. At the time of writing, ADA sits in fourth place, ahead of fifth-ranked XRP.
ADA is trading near $0.90, roughly 2% lower on the day as sellers step in to take profits.
Despite the short-term selling pressure, the outlook for Cardano remains largely bullish. If buyers regain control over the weekend, ADA could push upward toward its all-time high of $1.33, also recorded in January 2018.
Conversely, if bears continue to limit gains, the ADA/USD pair could drop to intraday lows between $0.83 and $0.80 during the week.
Cardano Price on the Daily Chart
Cardano’s breakout followed more than two years of consolidation and unfolded as prices moved above the upper boundary of a parallel channel. A move above $0.64 — a key support/resistance zone during the previous bull cycle — helped accelerate the rally as bulls pushed toward $0.90 and then the $0.98 high.
On the daily chart the RSI sits in overbought territory but is not excessively stretched, while the MACD remains in bullish territory. Together, these indicators suggest bulls currently hold the advantage.
If buyers treat dips as buying opportunities, a strong recovery to $0.935 could set the stage for another push toward $1.00. Beyond that, potential targets include $1.22 and the all-time high at $1.33.
Hourly Price Forecast for Cardano
On the hourly timeframe, ADA/USD remains predominantly bullish. The RSI sits above its midpoint and the MACD shows signs of hidden bullish divergence.
That bullish outlook would change if the $0.90 support fails. In that scenario the first support level lies at $0.87 (the 0.236 Fib). With limited support between $0.83 and $0.80, the next downside target could be $0.70 (0.5 Fib). Further short-term targets to watch below include $0.627 (0.618 Fib) and the 20-day SMA at approximately $0.523.
Currently, ADA/USD sits above the upper boundary of a descending parallel channel visible on the hourly chart. This move follows a correction from the $0.90 support zone and reflects short-term bullish momentum.