Cardano’s (ADA/USD) price is now on a positive climb, fueled by the recovery in the broader cryptocurrency market. The ADA has recently risen after trading at record lows for several weeks. However, Cardano’s price shows symptoms of impending reversal, and it might surge to $1 if buyer support continues to grow.
The aim is to reach $1
Cardano was trading at $0.965, up 11.3% in the last 24 hours. The price indicators suggest that the price may be on the verge of reversing its trend and may soon reach the level.
The Gann current analysis can be used to examine Cardano’s price movement.
The price of ADA is presently at the 180-day cycle. It suggests that once it reaches this cycle, the price may be set for an impending turnaround, as reported by Invezz.
Trend analysis till date
On September 2, 2021, Cardano hit an all-time high of $3.09, and the price of ADA will have completed a 180-day cycle on March 1. According to the Gann analysis, this could start a strong corrective move in ADA prices.
The expectations on price
ADA’s cost if the price rises above $1, the next target is $1.30. The current buying pressure and robust market support would entice such bulls.
The worldwide cryptocurrency market capitalization has increased by 11.2 percent in the last 24 hours, indicating that ADA is rising.
Chances of reversal are there
While the recent upswing has resulted in gains throughout the crypto charts, ADA might still drop and return to past lows. One could blame geopolitical concerns and the European Union’s impending crypto rules for the bear market. The Russia-Ukraine war and the Russia-USA tension caused by the same are prominent concerns linked to the price.
ADA will attempt the lower support level at $0.92 if the overall cryptocurrency market trend reverses. If the price falls further, it may test the $0.75 lows.
