The post Analyst Predicts Cardano Price Rebound to $1 Amid Market Recovery appeared on BitcoinEthereumNews.com.

Cardano (ADA) price is showing strong signs of recovery after a sharp decline, with analysts predicting a potential rebound toward $1. The recent price action suggests a V-shaped recovery, as buyers step in at key support levels. The overall crypto market has been oscillating in the recent weeks but there seems to be improvement in ADA investment sentiments. According to analysts, if the trend continues, Cardano will breach key resistsances and could continue moving up. ADA Rebounds from Key Support Levels Although Cardano reached a low price of $0.5060, it managed to bounce back above the $0.80 mark again. This was mainly evidenced by an increased buying pressure at $0.45 –$0.50 an area that now seems to be a support zone after being tested in the past. This buying pressure eliminated any further further down side movement of the price. Current price action will now reach crucial resistance at $0.85-$0.90 area. If the price manages to go back and hold on to this level, the formation of an upward trend to the next round figure of $1.00 may be drawn. Nevertheless, trading below this level could actually mean sideways consolidation or below the level that might result in another test of lower levels before a bulls run. Cardano Price Technical Indicators Show Mixed Signals Despite the recovery, technical indicators suggest that ADA is still navigating a challenging market. 1-day ADA trading chart | Source: Tradingview Long-term bullish trend is suggested by the Golden Cross as the 13-day EMA crosses above the 49-day EMA. Nevertheless, at the moment, the price has fallen below both the short-term moving averages. It meant that further bear pressure is still a possibility. – Advertisement – Other momentum indicators also provide support to such liquidity uncertainty. The MACD is still bearish and this is because the…

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Filed under: News - @ February 4, 2025 7:19 pm