- Cardano price holds above critical support, signaling possible recovery soon.
- Resistance at $0.60 could lead to a potential breakout.
- ADA needs a 70% surge to test the $1 resistance level again.
Cardano (ADA) has experienced a slight market recovery over the past 24 hours, following several days of bearish price action. Despite the challenges, ADA has held above its crucial $0.50 support level. This price action has led many to speculate that Cardano could reach $1 by the end of this month. However, ADA is consolidating within a tight triangle pattern, indicating its future movement is still uncertain.
The price of Cardano underwent substantial decline during the previous week while following widespread market patterns. The price of ADA fell below $0.60 as it joined the downward price movement of Bitcoin along with Ethereum.
The price dropped more than the $0.550 to $0.540 support zones throughout this extended period. The price suffered substantial losses from negative market reactions triggered by the ‘Liberation Day’ event resulting in ADA’s value declining 15%.
Cardano maintains an upward position because it has not surpassed the $0.50 support zone even though market conditions have been unfavorable. ADA has shown a limited market gain through the previous day yet continues to undergo a 10% decrease since the beginning of the week. Since its recent crash the entire cryptocurrency market experienced a slight upward trend as the global market capitalization reached $2.5 trillion and the total daily trading volume amounted to $158.94 billion.
Cardano Price Poised for Strong Rebound
Crypto analyst has shared a bold prediction regarding Cardano price. He believes that the cryptocurrency is poised for a significant rise, with the potential to surpass the $1 mark once again.
According to his analysis, Cardano’s recent price dip, which saw a 10% decrease, represents a critical reversal point. His chart highlights a key support level, suggesting that $ADA is well-positioned for a potential breakout in the coming days.
ADA Price Technical Analysis
The latest ADA price indicates notable fluctuations, with the top coin hovering around $0.5820. The asset has experienced a slight surge of 8% over the past 24-hours following the market rebound.
The Moving Average Convergence Divergence (MACD) shows a slight bearish signal as the blue line is below the orange line. Currently, the MACD value is at -0.0214, indicating more selling momentum in the short term. A shift towards positive values would be needed to suggest a reversal. The Relative Strength Index (RSI) is currently at 41, just below the neutral zone of 50, indicating that ADA is slightly neutral.
Key Levels to Watch
The Immediate resistance is at $0.6 remaining a critical level for ADA to break through. If this level is surpassed, the next resistance could be found near $0.65 and possibly $0.80.
And if bullish make a strong surge the ADA price can rally back to $1, this would require more than 70%. The immediate support is at $0.57. Should the price fall below this, ADA could test $0.55 as a lower support point.
 price holds above $0.50 support, with resistance at $0.60. A 70% surge could push ADA back to $1){kind=link}