Cardano (ADA) has been stuck in a sideways pattern for the last three months, with its price bouncing between established support and resistance levels without picking a clear direction.
Current ADA Price Dynamics
Over the past three months, Cardano's price has remained within a tight range of $0.60 to $0.65, preventing further drops. Recently, the price hit this support again, sparking a 7% rise. The 200-day moving average at $0.6911 provides a positive signal for bulls as long as the price remains above it.
Prospects for Reaching $1
If Bitcoin starts to recover and market sentiment improves overall, ADA could move towards the top of its range, possibly reaching $1.1. However, if Bitcoin continues to struggle, Cardano might either keep moving sideways or dip below current support. For ADA to hit $1, it first needs to break above the 50-day moving average and pass through several resistance zones. An increase in trading volumes during price rises indicates real buying pressure is mounting.
Support and Resistance Levels
If the current support fails, the next targets might be $0.56 and possibly $0.49 if things worsen. Conversely, breaking above the current range could lead to $1.1, representing about a 65% gain from current levels. It's crucial to monitor the 200-day moving average – staying above this line generally keeps the long-term outlook positive.
Cardano's next significant move will largely depend on Bitcoin's performance and the broader crypto market conditions in the coming weeks.
