Technical Analysis and Price Predictions for Cardano
Although Cardano’s price has dropped by 2.35% to reach $0.72, analysts remain optimistic about its future. According to a descending wedge chart pattern, a bullish breakout followed by the resistance line flipping to support is a strong signal for buyers, indicating they’re gaining momentum.
In this scenario, if the broader cryptocurrency market experiences a recovery, Cardano’s price could surge by 101% to reach $1.35, with $5 as a long-term target. However, the chances of SEC approval for a Cardano ETF have recently diminished, creating some uncertainty.
From a technical perspective, ADA has a bearish trendline to break through, which almost guarantees a rebound to over 94 cents in the coming weeks if the market continues its short-term uptrend.
Subsequently, ADA could reach between $1.08 and $1.20. The $1.35 level would primarily help capture liquidity above the March 11 high. However, taking profits at $1.19 remains a more cautious approach in an altcoin market that’s still very indecisive.
Despite this setback, Cardano’s growing presence in decentralized finance (DeFi), with over $325 million in total value locked, and the “Midnight” airdrop increasing its holder count to 3.1 million, keeps investors hopeful.
Key Factors to Watch
While bullish predictions for Cardano are encouraging, investors should remain vigilant about potential challenges. The chances of SEC approval for a Cardano ETF, as well as the broader altcoin market evolution, will be crucial elements to monitor in the coming months.
Additionally, Cardano’s ability to maintain its momentum in the DeFi sector and attract new holders through initiatives like the NIGHT airdrop will be essential to support a sustainable price increase.
From a short-term technical perspective, the $0.745 zone will be crucial to watch. If this bearish trendline is broken, ADA could return to $0.80 soon. Conversely, it’s absolutely necessary to maintain support at $0.72.
How to Buy Cardano (ADA) on Bitget ?
ADA remains an interesting long-term investment as its DeFi ecosystem experiences renewed interest. Moreover, ETFs will provide the crucial institutionalization that Hoskinson’s blockchain needs.
Here’s a guide to invest in Cardano right now on Bitget :
- Create a Bitget account : Visit the official Bitget website and sign up with an email address or phone number. Complete identity verification (KYC) to access all features.
- Deposit funds : Log in, go to the “Deposit” section and choose a currency (fiat or crypto, such as USDT or BTC) to fund your account via bank transfer or crypto transfer.
- Buy ADA : In the “Markets” or “Spot Trading” section, search for the ADA/USDT or ADA/BTC pair. Enter the desired amount and execute the purchase order (market or limit order).
