Cardano (ADA) Momentum Builds—Will It Break $1.30 and Hit $2 Soon?

• Cardano’s uptrend shows bullish momentum by breaking the $0.975.
• Breaking the $1.300 resistance could lead ADA to target the $2.000 level.
• ADA’s RSI and MACD indicate a neutral position, suggesting a possible bullish trend.

Even in the bear market, Cardano (ADA) shows promising potential. The daily timeframe chart signals a potential breakout as ADA tests key price levels.

Traders are watching its behavior around $1.03, which could trigger a sharp rally or a deeper retracement.  Crypto analyst Dan Gambardello believes that ADA’s series of higher highs and higher lows suggest the path to $2 may be closer than it seems.

Price Trend Analysis: Key Signals for a Breakout or Reversal

Cardano’s recent price action indicates an uptrend. The series of higher highs and higher lows suggests bullish momentum and increasing market strength.

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Moving averages (MAs) on the chart confirm this trend, with clear separation between the short-term, mid-term, and long-term MAs. This suggests that momentum is building and the market will likely continue its upward trajectory, at least in the short term.However, the price has consolidated around $0.975, indicating potential indecision. This could be a pause before a breakout above $1.300 or a retracement to lower support levels. The $0.975 price point is a pivotal level to watch.

Key Support and Resistance Levels: Defining the Range for ADA

Several important support and resistance levels will shape ADA’s near-term future. The $0.500 level is a strong psychological support zone. Historically, this level has been an accumulation area, making it a significant line of defense. The $0.300 level, which has provided historical support, also shows strong buying interest.

On the resistance side, the $1.300 mark has been a key point of contention. The price has struggled to push past this level, and sellers seem to be in control when ADA reaches this price.

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Looking further ahead, if ADA breaks above $1.300, it could target the $2.000 resistance level. This would be a significant long-term target if the bullish momentum continues.

Bullish and Bearish Scenarios: What Traders Should Watch For

If ADA stays above $0.975 and breaks through the $1.300 resistance, the next target could be $2.000. This would be a significant rally, potentially driven by the bullish sentiment surrounding major cryptocurrencies like Bitcoin.

At press time, ADA is trading at $1.03, with a 24-hour trading volume of $2.77 billion, showing strong market interest. The 1-hour RSI of 58.87 indicates that ADA is neither overbought nor oversold, suggesting a neutral position. Additionally, the 1-hour MACD is trading above the signal line, hinting at a bullish trend formation.