Cardano Price Struggles for a Bullish Comeback

While analysts predict a rally to $2 if ADA surpasses $1.14, Cardano faces volatility amid a wider crypto market pullback. Bitcoin fluctuates near $88,000, and Cardano’s price recently dropped by 7%, continuing a bearish trend with a 4.08% intraday pullback. Currently priced at $0.8694, there are warnings of a potential decline to $0.73.

Cardano Price Stagnates at $0.86

On the daily chart, Cardano oscillates between the 50% Fibonacci level at $0.62 and a supply zone of $1.20. After a bullish surge of 72% over the weekend, the price has reverted to a sideways pattern, failing to overcome supply pressure in the overhead zone.

Cardano Price Chart

At the 78.6% Fibonacci level of $0.9216, Cardano has formed two successive bearish candles. The MACD and signal lines hint at a potential bearish crossover, while average lines are in positive territory but declining histograms indicate a possible trend reversal. The daily RSI is nearing the mid-point, reflecting a decrease in bullish momentum.

Can Cardano Bounce Back to $2?

Short-term volatility suggests a potential decline to the 61.8% Fibonacci level at $0.735. However, like the recent lower price rejection, ADA’s trend may regain bullish momentum as market conditions stabilize. Analyst Ali Martinez notes a potential bull run for Cardano to reach $2, indicating a right-angled descending broadening wedge pattern, typically seen as bullish. He points out that a breakout above the overhead resistance at $1.14 could spur a high-momentum rally towards the $2 mark.

> This is how #Cardano $ADA can enter a bull rally to $2! pic.twitter.com/fMO3u3lVdc
> — Ali (@ali_charts) March 7, 2025