Cardano’s Technical Pattern Suggests Potential $2 Rally Despite 9% Daily Loss
Cardano (ADA) is currently trading at approximately $0.73, experiencing a significant 9.30% decline over the past 24 hours as market sentiment turns cautious amid macroeconomic concerns. Despite this setback, technical indicators suggest ADA/USD may be positioning for a potential recovery if key support levels hold.
Market Volatility Continues After Crypto Summit Disappointment
The recent downward movement follows a period of extreme volatility for Cardano. After initially surging over 80% following speculation about its inclusion in the US Strategic Crypto Reserve, ADA has since retraced substantially, giving back most of those gains.
What many traders expected would be a catalyst from the March 7th White House Crypto Summit ended in what some analysts described as a “nothingburger,” delivering only a framework for stablecoin legislation by August and promises of lessened regulation rather than the bold announcements investors had hoped for.
This disappointment along with global market instability from continuous tariff conflicts started by President Trump has driven the crypto fear and greed index to a multi-year low of 17—indicating “extreme fear” not seen since mid-2023.
Institutional Developments Offer ADA Long-Term Hope
For Cardano, several fundamental ideas remain favorable even with temporary downturn. Approval of Grayscale’s Spot Cardano ETF by the SEC offers a basis for possible institutional adoption, hence boosting investor trust over time.
Furthermore, some market players have hopeful long-term pricing expectations; some experts even propose ADA might reach as high as $32 in a possible crypto “supercycle” should more general market conditions align favorably.
ADA/USD Technical Analysis Reveals Crucial Price Levels
Usually a sign of major price movement, eminent analyst Ali Martinez has found a right-angled declining expanding wedge pattern developing on Cardano’s chart. Martinez says that should ADA be able to surpass the crucial $1.14 resistance level, a movement toward the $2 barrier might start.
ADA is testing a critical support zone right now between $0.73 and $0.80. Cardano has to first keep its support level before trying to recover the psychologically significant $1 threshold for any optimistic scenario to come to pass.
Though the price has dropped, the daily trading volume for Cardano has surged by 58.36% to $1.77 billion, implying more market involvement that could be read as either profit-taking or repositioning ahead of Cardano’s next big rise.
Mixed Technical Indicators
Technical indicators are giving traders conflicting messages right now. While the daily RSI shows diminishing bullish momentum, the MACD and signal lines point at a possible bearish crossover. These indicators might rapidly flip, though, if the present support zone holds as market mood stabilizes.
Cardano has dropped 26.22% over the past seven days, so its entire market valuation is around $26.2 billion. This major retreat puts ADA in a crucial position where its next action could decide the medium-term direction.
Cardano Price Prediction
Bulls have to protect the vital $0.73-$0.80 support zone if Cardano is to turn around its present trajectory. A breakdown below this level might postpone notable rebound and prolong the phase of consolidation.
On the other hand, if support holds and ADA can surpass $1 and hence the $1.14-$1.20 resistance zone, it could inspire fresh buying activity and maybe drive Cardano toward the $1.30, $1.50, and finally $2 price goals noted by several analysts.
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