TLDR
- Cardano (ADA) sees growing taker buy dominance, signaling potential for a 60% price rally.
- ADA’s support holds strong at $0.30-$0.32, suggesting increased buying interest.
- A potential double bottom formation in ADA hints at a bullish reversal.
- Breaking resistance at $0.45 could target ADA’s next move to $0.50-$0.55.
Cardano (ADA) has been in a period of consolidation, and analysts are observing strong signs that a potential rally may be on the horizon. Recent technical and on-chain analysis suggests a bullish outlook for the cryptocurrency, with some experts predicting a 60% rally if certain conditions are met. The price of ADA is currently hovering around $0.43, facing key resistance levels. However, the increasing strength in Taker Buy dominance is seen as a signal that buy-side momentum is growing, which could push the price higher.
Analyst’s Price Target for Cardano
Analyst Faibik has pointed out that Cardano’s price could see a significant upside once it breaks through a critical resistance trendline. He noted that the $0.41–$0.43 zone has become a key support area, where demand has steadily been absorbed by buyers. The analyst identifies this range as crucial for ADA to clear before any sustained upward movement can occur.
Faibik’s price target for Cardano sits around $0.67, representing a potential 60% increase from its current price level. His analysis suggests that if the price manages to break above the descending resistance line, it could open the door for a rally. According to his chart, once the breakout happens, Cardano may experience a clear path toward higher levels.
Support Levels and Resistance Zones
Cardano’s price has been consolidating in a range, with a clear battle between support at $0.30 and resistance around $0.45. The $0.30 – $0.32 support level has been crucial, acting as a base for potential upward movement. Should ADA continue to respect this level, it could fuel further buying interest. The next major hurdle lies at the trendline resistance around $0.45, which has been a consistent barrier for ADA since late October.
Breaking through this resistance is key to achieving the 60% rally that analysts are predicting. If ADA can break above $0.45, it could quickly target the $0.50 – $0.55 range. This would mark the first step in a longer-term rally that could extend towards $0.70 or even higher. The path to this breakout, however, will likely depend on the continued dominance of taker buy orders and overall market sentiment.
For now, the market remains cautiously optimistic, with traders closely monitoring ADA’s price action around these critical levels. If ADA continues to hold strong above $0.30, and if buying momentum persists, the path to a higher price could become more likely. With a substantial rally potentially on the horizon, the strength of taker buy orders will remain a key factor in shaping Cardano’s near-term future.
MACD Analysis and Market Sentiment
The MACD (Moving Average Convergence Divergence) indicator has been closely watched by traders in recent weeks. Currently, the MACD is showing signs of narrowing between the MACD line and signal line, which could signal a weakening of the bearish trend. The histogram has also remained negative but is starting to shrink, suggesting a potential shift in momentum.Cardano shows bearish trend, with key support at $0.60 level. Source Trading view
While the MACD is still in bearish territory, the narrowing of the lines indicates that downward pressure is decreasing. If the MACD line crosses above the signal line, it would provide a bullish signal, supporting the case for a potential rally. In addition, the market sentiment has been shifting, with analysts suggesting that the strength of the taker buy dominance could help ADA overcome its current resistance levels.
With the MACD indicating a potential trend reversal and the growing dominance of buy orders, ADA could be positioned for a strong rally in the coming weeks. Traders and analysts will be watching closely for any signs of a bullish crossover in the MACD and whether price action follows suit. If these indicators align, a 60% rally could be within reach for Cardano, providing strong support for a bullish outlook moving forward.
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