Cardano (ADA) shows signs of recovery, trading at $0.82 with crucial support levels. After a recent uptrend, the coin is experiencing a slight cooldown. Stay tuned for the upcoming days...
Cardano (ADA) is showing signs of recovery, currently trading at $0.82. After a recent uptrend, the coin is experiencing a slight cooling off. The coming days will be decisive in determining whether ADA can maintain this bullish momentum or lose steam.
Analysts have identified important support levels at $0.784, $0.769, and $0.755, where buyers could step in to prevent a further decline. However, if ADA drops below $0.755, the next floor could be $0.74. A fall below $0.71 would be a negative signal, suggesting the end of the recent rally.
On the 4-hour chart, we observe a narrowing of the Bollinger Bands (FBB), indicating a strong movement approaching. Having surpassed its major POC at $0.81, ADA could reach $0.97 in the coming days.
Despite the current slowdown, traders remain optimistic. According to analyst Ali Martinez, ADA’s price is following the same pattern as during its last bull cycle, but at a slower pace.
“Cardano $ADA is replicating the price structure of its previous cycle, but it’s unfolding more slowly. It appears we’re at the very beginning of an explosion.”
The analyst believes this could be the start of a strong upward movement, perhaps even reaching $2 in the long term. While this $2 target remains ambitious in the short term, staying vigilant is crucial.
If ADA maintains its support levels and continues its rally, new buyers will enter the market, paving the way for further gains in the coming months. The market is closely monitoring ADA’s evolution, and the next steps will determine whether Cardano is truly taking off or remains stuck.
In the medium term, ADA could even reach between $1.05 and $1.15, according to the Volume Profile. Indeed, this zone represents the last area of resistance and liquidity in HTF. A breakout above $1.15 would likely propel ADA toward $2 or even $3 in the coming months.
However, this zone could serve as a short-term reversal area. If Cardano enters this zone, caution will be necessary, and taking profits while waiting for a breakout above $1.2 would be prudent.
Meanwhile, the cryptocurrency sector is marked by the closure of crypto companies’ accounts by US banks, Ethereum’s progress toward $4,344, and Bo Hines’ departure from the White House Crypto Council.
The market is awakening, and altcoins like ADA could explode soon. With a 3-day RSI in the neutral zone, ADA’s growth potential remains substantial. A rise to $3 is far from overly ambitious.
Such an increase would offer potential gains of 4x from its current price. Here’s how to take advantage by easily buying ADA on Bitget :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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