Cardano (ADA) is showing signs of strength in the market by defending the key support level at $0.50 and setting the stage for potential growth to $2.04.
Strengthening of Cardano After Bearish Period
After an extended bearish phase, Cardano is displaying signs of strength by showing a clean breakout from accumulation and confirming a new swing high. This marks the first significant bullish break in months, suggesting a potential new macro trend.
Key Technical Points
• **$0.50 Key Support Level:** The price has been consolidating above this zone for weeks, marking it as a likely higher low in the bullish market structure. • **Market Structure Shift Confirmed:** A new swing high has been printed, confirming a bullish reversal from the previous downtrend. • **$2.04 Swing Target:** From a high-timeframe perspective, $2.04 marks the next key resistance and a realistic long-term objective once upside momentum returns.
Price Action Expectations for Cardano
The significance of the support level at $0.50 lies in the time spent consolidating here. Multiple weekly closes above this area suggest strong buyer presence. If the support at $0.50 remains intact, the current correction will serve as a base for the next phase of expansion.
Cardano’s bullish market structure remains intact as long as $0.50 holds. A breakout from this region could initiate a macro rotation toward $2.04, continuing ADA’s long-term recovery.
