Optimism surrounds Cardano (ADA) despite some recent hiccups. ADA stands resilient, maintaining a positive outlook despite a 5% decrease over the past week. Currently priced at $0.75, ADA demonstrates a robust stance with a 24-hour trading volume of $1.14 billion and a market capitalization of $24 billion.Above 200 Week Moving Average with some huge weekly green candles and huge buying pressure.
Next week will be huge for $ADA, there is not much resistance until $1.2, we could see a 50-60% increase next week. https://t.co/Z6pdH37wWe pic.twitter.com/anlV5YqWl4
— Sssebi???? (@Av_Sebastian) March 10, 2024
Will Cardano Hit $3 By May?
After looking at ADA’s performance in the past, Sssebi notices similarities to past market cycles, namely the one in which ADA saw a substantial decline of almost 35%.
Nevertheless, ADA not only bounced back from a significant pullback, but it also exceeded its prior ATH. The analyst projects significant increase in the following months, and based on this historical viewpoint, ADA might reach a price of $3 by May or approximately.
Ether market cap currently at $483 billion. Chart: TradingView.com
Technical Resilience, Foundation Building: ADA’s Strength Unveiled
Beyond the short-term predictions, ADA is described as constructing a robust foundation for future growth. The cryptocurrency showcases resilience by navigating between substantial support and resistance levels.
Notably, at the $0.58 mark, ADA finds reliable support with the 50-day moving average acting as a safety net during retracements. This technical analysis underlines the structural strength of ADA, setting the stage for a potential surge.
ADA Navigates Towards The Coveted $1 Mark
Despite recent fluctuations, ADA maintains a positive trajectory, hinting at an upcoming bullish trend that could propel it toward the coveted $1 mark.
The market analysis reflects a cryptocurrency in transition, oscillating between support and resistance levels, creating a favorable environment for a potential surge in the near future.
Featured image from Igor Mashkov/Pexels, chart from TradingView
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Author: Christian Encila
