Fun

Can Cardano Reclaim $1? Analyst Says ADA Price Must Hold This Crucial Level

News Feed - 2025-03-22 10:03:37

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


Cardano (ADA)’s price continues to move sideways, holding its range for the past 10 days, while online sentiment grows. Some analysts suggest that a retest of the local resistance could be near if the cryptocurrency holds its crucial support zone. Related Reading Crypto Sleuth Claims Mysterious $20M ‘Hyperliquid Whale’ Is Tied To Illicit Activity 1 day ago Cardano Holds Key Range


Cardano has retraced 40% from its two-month high of $1.17, dropping to the $0.7 range over the past few weeks. ADA climbed 80% on March 2 after US President Donald Trump announced a “Crypto Strategic Reserve,” including the cryptocurrency, which sent the token to monthly highs.


After its massive pump, the altcoin retraced to $0.9, holding this zone through the following days. However, the March 6 executive order establishing a Strategic Bitcoin Reserve and a “Digital Asset Stockpile” sent ADA below the crucial level.


At the time, the White House’s Crypto Czar, David Sacks, clarified that the ADA and the other altcoins named were just used as a reference for the top cryptocurrencies in the market.


Since then, Cardano has moved sideways, hovering between $0.68-$0.75. ADA dropped to $0.64 during the March 11 market crash before bouncing. Despite the ongoing price action, online sentiment has been positive towards ADA this week.


On Tuesday, on-chain analytics firm Santiment pointed out that Cardano saw a highly positive sentiment on social media. The bullish sentiment was fueled by the Securities and Exchange Commission (SEC) classification of ADA’s use case as “smart contracts for government services.”


The news “pushed bullishness to its highest rate in over 4 months,” the firm noted. Moreover, large-scale investors have also shown positive sentiment toward Cardano, with Whales purchasing around 190 million ADA tokens in the past 48 hours. ADA Breakout Or Breakdown Next?


ADA has been in a downtrend since December 2024, when it hit its 3-year high of $1.32. The February market retraces sent the cryptocurrency’s price below several crucial support zones, with the token hovering between the $0.60-$0.80 price range.


Analyst Sjuul from AltCryptoGems noted ADA has “a weird-looking chart, mainly due to the announcement of the strategic reserve.” As a result, Cardano’s most crucial support level is at $0.66, as it could send it to monthly lows.


According to the analyst, “That level should hold; otherwise, all this recent price action will result in a distribution phase.” Previously, Sjuul affirmed Cardano’s chart displayed a Power of 3 in the making, signaling that the cryptocurrency was entering the third phase.


This pattern divides the price cycle into three phases: accumulation, manipulation, and distribution. In the last phase, a strong price breakout occurs, with momentum building in the direction opposite to the manipulation. Based on this, if ADA lost the $0.66 mark, the token could see a significant price correction.


Meanwhile, a pseudonym trader pointed out that the altcoin shows “a bullish reversal after breaking out of a falling wedge pattern.” Per the post, Cardano could enter a strong uptrend if it maintains its momentum. Related Reading Bitcoin To Get ‘Interesting’ As Price Retests $85,000 – Here Are The Levels To Watch 2 days ago


Nonetheless, ADA must “hold the current support levels and break above the local resistance for confirmation of further bullish continuation” to the $1.22 target.


Analyst Ali Martinez noted that ADA trades within a right-angled descending wedge, with the upper trendline at $1.15. He suggested that a daily close above $1.15 would push ADA’s price to the $2 mark, not seen since 2021. Cardano trades at $0.70 in the one-week chart. Source: ADAUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

News Feed

Report: Pakistan Likely to Earn Billions From Cryptocurrency
Report: Pakistan Likely to Earn Billions From Cryptocurrency According to a document produced by a Pakistani policy advisory board, the country is likely to earn billions of dollar
Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins for Payment Activities
Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins for Payment Activities The top banking regulator in the U.S. has announc
Derek Andersen6 hours agoSafeMoon executive team charged with multiple fraud counts, arrests madeAccording to charges, the men misappropriated $200 million in investor funds to spend on a luxurious lifestyle.3385 Total v
BTC, ETH, ADA, BNB Ranked the Most Watched Crypto Assets in 2022
BTC, ETH, ADA, BNB Ranked the Most Watched Crypto Assets in 2022 Today’s top ten crypto assets make up a large portion of the crypto economy’s current $797.95 billion
Glassnode Finds XRP Is Retail’s Top Pick This Cycle
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 2 Is Now Live
Yearnify Finance (YFY) Hidden Gem - Decentralized Finance Project, Pre-Sale Round 2 Is Now Live PRESS RELEASE. Yearnify Finance is considered as one of the most
Banks could flood into stablecoins if new bill passes: S&P Global
Tom Mitchelhill6 hours agoBanks could flood into stablecoins if new bill passes: S&P GlobalThe Lummis-GillibrandPayment Stablecoin Act introduced to the Senate could see big banks encouraged to take steps into the st
Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain
Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it h
First-Time Bitcoin Buyers ‘Doubled’ in Square’s Q3 Report
Square processed $148 million in bitcoin sales in the third quarter of 2019. The payments company, founded by Twitter co-founder Jack Dorsey, released its earnings results on Wednes
Microsoft launches AI-powered ‘Copilot for Finance’
Tristan Greene3 hours agoMicrosoft launches AI-powered ‘Copilot for Finance’The new service will provide automation features for the Microsoft 365 suite of productivity tools and applications.750 Total views52 Total
Finance Committee Approves Legislation Delaying Crypto Tax in South Korea
Finance Committee Approves Legislation Delaying Crypto Tax in South Korea Changes meant to postpone the introduction of a tax on virtual assets such as cryptocurrencies in South Ko
Elon Musk, Jack Dorsey Address Suggestions to Allow Less Anonymity on Twitter
Elon Musk, Jack Dorsey Address Suggestions to Allow Less Anonymity on Twitter Former Twitter CEO Jack Dorsey and Elon Musk, Tesla’s CEO and the new owner of Twitter, have add