Will the Cardano (ADA) Price Bounce Back to $1?

Amid growing uncertainty in the crypto market, Cardano stabilizes around the $0.70 psychological mark, preparing for a potential breakout rally.

Cardano Recovery Signals Potential Breakout Run to $1

The 4-hour price chart shows Cardano forming a symmetrical triangle pattern, indicating trend momentum.

Cardano Price Chart

The ADA price trend shows a positive cycle within this triangle, highlighted by three consecutive bullish candles, often seen as a bullish signal for a new rally.

Currently, Cardano has closed above the 23.60% Fibonacci level at $0.7201 and trades at $0.7246 with a 2.82% intraday recovery. MACD and Signal lines are nearing a positive crossover, with the RSI rising, suggesting weak bearish momentum and higher breakout chances.

Analyst Points Out 100 Million ADA Sell-Off

Despite these potential bullish signals, an analyst points out significant whale activity. Over 100 million ADA tokens have been sold in the past week, which may pose challenges for the breakout rally due to increased supply.

According to Santiment, whale holdings have dropped to 5.89 billion, marking this sell-off.

Cardano Price Targets

If Cardano can withstand the recent sell-off, the breakout could reach the 78.60% Fibonacci level at the $1 psychological mark. Key support levels are at $0.65 and $0.60.