Cardano (ADA) seems to be making a rapid recovery from its recent dip. The asset is outperforming Bitcoin (BTC) in the daily and weekly charts. ADA’s price is up 3.3% in the daily charts, 7.2% in the weekly charts, 3.6% in the 14-day charts, and 17.3% since March 2024. BTC, on the other hand, is down 0.6% in the daily charts and up 5.1% in the weekly charts. Despite the rally, ADA’s price has dipped 2.9% over the previous month.

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Cryptocurrencies Recovery Amid Ease Of Tariffs

The crypto market seems to be recovering from its recent correction. The market resurgence comes after the US announced that it would ease tariffs. The market took a hit after the US announced tariffs against Canada, Mexico, and the European Union (EU). Cardano (ADA) and other crypto assets faced the brunt of the matter.

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ADA’s recovery could also be due to the Fed pausing interest rate hikes. Inflation in the US is also slowly cooling. The Fed could announce an interest rate cut very soon. The move could lead to an increase in investments in risky assets such as cryptocurrencies.

Can Cardano Hit $1 This Week?

According to CoinCodex, ADA’s price will climb to a high of $0.78 this week. The platform does not anticipate the asset to breach the $1 mark anytime soon. According to CoinCodex’s estimates, ADA could hit the $1 mark by May 15.

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There is also a possibility that Cardano (ADA) will continue to rally over the coming weeks. ADA could breach the $1 mark sooner than predicted if the Fed announces an interest rate cut. Macroeconomic factors will most likely play into how the asset performs over the coming days.