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In the past day, Cardano (ADA) has reclaimed a 14% in the middle of the withdrawal of the cryptomarket. The cryptocurrency recently saw its price losing the $ 1 marking, falling below $ 0.90 on Monday morning. Despite the decrease, some Marktwijkers shared a positive view of ADA, claiming that a rebound to $ 1.30 could be around the corner.
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Cardano has the most important support of higher timetable
In addition to the rest of the market, Cardano ended the week with a Sunday bleeding and registered seven consecutive red candles yesterday afternoon. The Market Pullback continued on Monday morning, with Bitcoin (BTC) lost support of $ 100,000 for the first time in more than a week.
As the market correction remained, the price of ADA lost support of $ 0.90, which floating between the range of $ 0.85- $ 0.89 before he recovered. Almost two weeks ago, Cardano bounced the $ 0.90 support to reclaim the $ 1 resistance.
During this jump, the cryptocurrency rose to its High 2025, but failed to break into the resistance level of $ 1.18, which sent Ada to a downrend. Since then, the Altcoin has not supported the $ 1 resistance, with a floating between $ 0.95- $ 1.02.
The recent drop sent Cardano to a low price of two weeks and back to the end of the annual range of $ 0.83- $ 0.95. Nevertheless, the price of the cryptocurrency remains above crucial levels, as some market kepts noticed.
Amrypto emphasized that after the recovery of 5% compared to the low of today, ADA was back to its 2-day support level. For the analyst there is “no need to panic” if Cardano contains the $ 0.80 support zone.
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This zone was 2024’s Q1 High, and it served as an important higher level of time, so that the Altcoin’s Rally was fueled as soon as it was supported in 2021 and at the end of 2024. Is a good sign. “
Ada to reclaim $ 1 soon?
Other analysts shared similar predictions, which suggests that the Cardano run would be determined by the next price movement. Carl Runefelt stated that “despite the market correction, Ada is still holding on to this huge bullish pennant.”
The analyst pointed out that the graph of ADA shows a bullish formation of 2 months that focuses on $ 1.9 when it breaks out. However, he noted that the first target is the local top of $ 1.30. Rune explained That “if the support applies, we could see a bullish breakout at some point.”
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Meanwhile, Ada trader Sebastian considers That cardano has to close the day above $ 0.95. He explained it “would be great for Ada if this last daily candle turns green” and closes within the symmetrical triangle.
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Earlier, Sebastian noted that “Ada’s painful consolidation could soon be over”, because the cryptocurrency “was outside the room within this symmetrical triangle and could quickly break out.”
For the trader, when Cardano ‘returns to the graph’, the recent breakdown will be “caught and probably results in a pump at the top.”
Ada is currently being traded at $ 0.90, a decrease of 8% in the last 24 hours.
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Featured image of unsplash.com, graph of TradingView.com