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Cardano’s Roadmap to $1.2 – How ADA’s Price Action Can Defy Market Uncertainty
The recent 72% price surge in Cardano (ADA) has been followed by a retracement, with the cryptocurrency trading within a key support zone that had previously served as resistance in February. While this development might raise concerns about a potential breakdown, technical analysis suggests that ADA could continue its upside momentum towards $1.2.
In the short-term, ADA is seen to have fallen below the mid-range support level, but this presents an attractive buying opportunity for traders. The strong price bounce predicted next week will be driven by the resistance-turned-support level at $0.78-$0.8. A successful break above this zone could trigger a quick rise towards $0.9.
The road ahead is not without its challenges, however. The liquidation heatmap highlights that any attempt to push ADA’s price further north may face stiff resistance at the $1.2 level. Historically, this zone has consistently drawn in sellers and triggered price reversals, making it a critical point of focus for traders.
A decisive break above this threshold would require significant buying volume and bullish sentiment. Furthermore, the state of the broader market will play a crucial role in determining ADA’s trajectory. The cryptocurrency’s performance is closely tied to Bitcoin (BTC), and any major shifts in BTC’s price action could have ripple effects on other cryptocurrencies like ADA.
For now, it appears that the crypto market remains uncertain, with even the largest players unable to predict with certainty what lies ahead. As such, traders would be wise to exercise caution when considering long positions in ADA or any other cryptocurrency at this time.
Akashnath S is a Senior Journalist at AMBCrypto who holds cryptos himself and is always on the lookout for the next opportunity.
Source: https://ambcrypto.com/cardanos-roadmap-to-1-2-how-adas-price-action-can-defy-market-uncertainty/
