Recent Cardano Price Development
Recent analysis suggests a possible bullish continuation for Cardano (ADA) with key support levels identified.
Analyzing the Chart
Rose Premium Signals noted a bullish reversal pattern, indicating potential uptrend continuation. Currently, ADA is retesting a falling wedge structure, and a successful rebound could trigger another rally.
Uptrend After Retest
ADA exited its falling wedge on February 13 after consolidating since its December peak of $1.327. Following a minor upward trend, ADA rebounded around $0.65 on March 2, coinciding with Donald Trump’s strategic crypto reserve announcement.
Rose Premium highlighted that ADA’s bullish momentum has persisted while it retests the falling wedge. While short-term indicators may seem bearish, this development could pave the way for a stronger uptrend if the $0.65 support holds.
Price Predictions
If ADA successfully retests $0.65, analysts predict a potential bounce to three target levels, driven by volume and favorable market conditions. The first target is $1.2265 (a 71% surge), while further rallies may reach $1.5230 (112% increase) and $1.8612 (159% increase).
Sideways Range Analysis
Another analyst, “Man of Bitcoin,” suggested ADA is currently within a sideways range, with future price movements determining its trend. A breakout above $0.777 could signal more gains, while a fall below $0.650 would suggest further corrections, potentially dropping to $0.580 or even $0.533 at the 0.618 Fibonacci level.
Bullish Sentiment
Despite price fluctuations, positive sentiment surrounding Cardano could drive higher valuations, as recent reports show increased social interest, reaching a four-month high, which may attract bullish momentum and capital flow to ADA.
Comments (0)