Cardano (ADA) experienced quite a bullish breakout over the last few days. The asset is up by nearly 20% in the weekly charts, 12.7% in the 14-day charts, 22.6% over the previous month, and 85.1% since May 2024. The crypto market has faced a slight correction today amid heavy liquidations. ADA has dipped 3.3% in the last 24 hours. ADA could reclaim $1 if the market regains its momentum.

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Cardano price chart
Source: CoinGecko

Cryptocurrencies Slide As Long Positions Liquidate

Market crash visualization showing sharp red downward trend line over cityscape at sunset
Source: Watcher Guru

According to the data from CoinGlass, $713.60 million was liquidated from the cryptocurrency market in the last 24 hours. Cardano (ADA) and other crypto assets have suffered from the liquidation spike.

ADA’s recent dip comes after Bitcoin’s (BTC) price fell to the $102,000 level after failing to breach $105,000. According to crypto analyst Ali Martinez, $1.45 billion worth of BTC long positions faced liquidations after the asset’s dip to $102,700.

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The market dip could also be due to investors booking profits after the recent rally. ADA hit the $0.84 mark on May 12, a level not tested since early March.

Is $1 On The Cards For Cardano?

ADA needs to rally by 26.58% to hit the $1 target. The asset has not breached the $1 mark since Mar. 3 of this year. ADA could reclaim $1 if the crypto market rebounds from its latest slump.

CoinCodex does not anticipate ADA to hit $1 anytime soon. According to CoinCodex analysts, Cardano (ADA) could rally to $0.90 on May 17. The asset’s price will face a 13.92% rally if it hits the $0.90 target. CoinCodex does not expect the asset’s price to hold at $0.90, predicting a correction to $0.68 by May 24.

ADA price prediction
Source: CoinCodex

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There is a possibility that the crypto market will regain its luster. The Federal Reserve may cut interest rates in its next meeting. A rate cut could lead to a surge in risky investments. Cardano (ADA) and other crypto assets could surge under such conditions.

  • Cardano