Cardano (ADA) continues to face challenges in reclaiming above the $1 mark despite recent price increases and positive signs in the market.
Current Price and Market Valuation of ADA
According to data, Cardano (ADA) is trading at $0.58 with a 6.6% increase over the past week, raising its market cap to over $21 billion. However, in the last 30 days, ADA saw a decline of 11.9%, remaining nearly 50% below its peak of $1 from March 3.
Technical Analysis and Key Levels
The analysis shows that ADA has formed a falling wedge pattern on the daily chart, which typically indicates an impending trend reversal. Momentum indicators like MACD and RSI are beginning to trend upwards, signaling a gradual shift from selling to buying pressure. A breakout above the upper band of the wedge at $0.6053 could act as the first bullish trigger.
Conclusions and Forecasts
If bulls can maintain the support level of $0.54, it opens up the potential for a rise to $0.73. However, given the observed decrease in large holders of ADA, this is expected to put negative pressure on short-term growth prospects.
Cardano remains in a challenging position, and its ability to recover to $1 in the near term will depend on holding key levels and overall market dynamics.
