Cardano’s ADA has experienced a notable upward trend, increasing by over five percent in the last 24 hours. At present, ADA is trading above the $1.20 mark. Despite a recent pullback, ADA bulls are eyeing higher price levels, indicating potential bullish momentum in the market.
Current Market Analysis
Upon examining the daily chart for ADA, there appears to be minimal change. The critical support zone to monitor lies between $0.644 and $0.94. This area is significant due to Fibonacci retracement levels, particularly during a potential Wave 4 correction. Should ADA drop below $0.644, it may suggest an end to the current upward trend.
Potential for Higher Prices
The market is speculating on a possible target range for ADA’s next price surge, which is estimated to be between $1.72 and $2.95. This will largely depend on whether ADA continues its current uptrend or undergoes a complete correction. A higher low followed by a higher high is anticipated before reaching the peak.
Micro Support Levels
For those focusing on shorter time frames, the key micro support zone is identified between $1.11 and $1.21. As long as the price remains above $1.11, the potential for an upside breakout remains strong. However, a decline below $1.11 could trigger a short-term bearish outlook. Nonetheless, the overarching trend remains upward as long as ADA stays above the critical $0.644 level.
Key Price Levels to Watch
- $1.11: Micro support level, serving as a pivot point for potential upside movements.
- $1.24: Surpassing this level could indicate the initiation of the next upward wave.
- $1.32 – $1.33: Further confirmation would be achieved by surpassing the previous high.
- $1.49+: This marks the next upside target area if the price maintains its rise.
What’s Next for Cardano?
If ADA breaches the $1.11 level, the bullish pattern may weaken. Conversely, if the price holds steady, a breakout towards higher targets could be on the horizon. It’s crucial to identify clear breakout signals before concentrating on smaller time frames for potential price actions.
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FAQs
What happens if ADA falls below $1.11?
A decline below $1.11 could lead to a short-term bearish scenario, but ADA remains bullish as long as it stays above $0.644.
How high can Cardano go by the end of 2025?
According to our Cardano price prediction, the altcoin’s price could reach a maximum of $2.42 by the end of 2025.
What is the price of one ADA token?
At the time of writing, the price of one Cardano ADA token is $1.21.
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