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Title: 26 Cardano (ADA) on Verge of $1 Amid 15% Price Rebound
As we previously reported on U.Today, Cardano (ADA) is on the verge of breaking above a critical level. The recent price rebound has seen ADA rise by over 15%, with many predicting that this momentum may not be sustainable in the long run. It’s essential to note that any failure to hold support near $0.86 could lead to a decline back down to $0.69.
Should this support level give way, we can expect Cardano (ADA) to plummet even further, potentially dropping all the way down to $0.50. However, if bulls manage to defend this SMA 50 and push ADA above $1, it would be strong evidence that there is a lot of demand at lower levels.
In the near term, some market analysts believe that Cardano (ADA) may enter into a consolidation phase, ranging from $1.20 to $0.80 before charting its course towards an even higher price range, possibly reaching as high as $2.
While many investors are still uncertain about the long-term prospects of ADA, it’s essential for traders and investors alike to monitor this development closely, especially considering that optimism surrounding Cardano (ADA) remains quite strong.
In related news, a respected crypto analyst named Ali has claimed that Cardano is following an eerily similar pattern to its previous cycle. If history repeats itself, he suggests that ADA could potentially reach as high as $6.
We’ll be keeping a close eye on this development and providing you with timely updates as they become available.
Source: u.today
