Cardano (ADA) appears to be gaining significant momentum after a steep decline from its recent highs. Analysts from TradingView are suggesting that ADA might be gearing up for another major rally, with a price target set at the $1 mark and potentially beyond.
Analysts expect Cardano to surpass the dollar threshold
On May 1st, Armanshavan shared insights on ADA’s price movement through a technical analysis on TradingView. The analysis looked at ADA’s performance over a three-day period and indicated a bullish target, considering that Cardano previously rose from $0.33 to $1.32, marking its best price in three years.
During this period, ADA faced considerable resistance, particularly near a bearish order block, leading to a pullback to about $0.5. Despite that, Shavan’s chart suggests a resilient structure for ADA, showing strength after reclaiming the $0.65 level.
Moreover, the analysis points out a significant liquidity sweep occurred during the recent fluctuations. Following this, ADA rebounded from well-defined demand zones and bullish order blocks, indicating robust buying interest.
Currently, Cardano is trying to stabilize above the $0.65 level, which is considered a pivotal support level, hinting that the market may be preparing for a bullish continuation.
If this support level holds, Shavan has indicated several upward targets: $0.75, $0.81, $0.93, and lastly $1.05. These levels represent previous resistance points and could signify important milestones for ADA’s potential recovery.
The dollar mark holds psychological significance for Cardano, as it’s been some time since it’s traded above this threshold. A successful breakout above $0.81 could pave the way for a retest of this level. However, attention remains on the $0.65 to $0.75 range, as staying close to this zone may confirm ADA’s readiness for continuous upward movements.
Whales accumulating ADA at lower prices
Cardano is presently trading at around $0.69, reflecting a 4.7% increase over the last week. Amid recent price decreases, whales are accumulating ADA tokens in notable numbers, seemingly taking advantage of the lower prices in anticipation of a market turnaround.
Recently, crypto analyst Ali Martinez noted that a Cardano whale amassed over 410 million ADA tokens in April alone. At current pricing, this purchase represents approximately $276 million.
This substantial accumulation indicates strong confidence from large investors regarding Cardano’s long-term prospects. Currently, Cardano has been trading sideways amidst market volatility, but shifting emotions towards the “greed” zone suggest a rising optimism among investors.
