rewrite this title with good SEO Crypto Analyst Releases Next Potential Targets For Cardano, Is $1 ADA Still Possible? | Bitcoinist.com

Cardano (ADA) appears to be regaining bullish momentum after experiencing a sharp correction from recent highs. According to a recent analysis by a TradingView analyst, ADA may be getting ready for another major rally, with potential price targets pointing toward the $1 mark and beyond. 

Analyst Sees Cardano Breaking Past The $1 Target

On May 1, Arman Shaban released a technical analysis on TradingView, examining the ADA price chart on a 3-day timeframe to decipher its next bullish targets. The analysis shows that Cardano previously surged from a low of $0.33 to a peak of $1.32, representing a more than 300% rally that marked its highest price in three years. 

At the time, this significant rally had met strong resistance near a bearish Order Block (OB), triggering profit-taking and a sharp pullback to $0.5. Despite the correction, Shaban’s chart reveals that ADA’s structure looks bullish, with its price showing signs of strength after reclaiming the $0.65 zone. 

The chart analysis also highlights a key liquidity sweep that occurred during the recent correction. Following this, ADA bounced from a well-defined demand zone and bullish Order Block, signaling strong buy-side interest at those levels.

Currently, Cardano is attempting to build a higher low formation, with price action strongly stabilizing above $0.65. This consolidation above $0.65 is seen as a crucial support level, indicating that the market is preparing for a potential bullish continuation. 

If this level continues to hold, Shaban predicts that the next upside targets lie at $0.75, $0.81, $0.93, and ultimately $1.05. These levels represent previous resistance points and liquidity levels, with each target representing a potential milestone for Cardano’s price recovery. 

The $1 level holds psychological significance for Cardano, as its price has traded below this threshold for months now. A successful move beyond the $0.81 target would likely open the door to a retest of this level. Nevertheless, the focus remains on the $0.65 and $0.75 range, as a strong close above this zone could confirm ADA’s readiness for a renewed and continued upward push. 

Whales Accumulate ADA Amid Low Prices

Cardano is currently trading at $0.69 after falling over 4.7% this past week. Amidst this price decline, whales have been purchasing ADA tokens in droves, seemingly taken advantage of the low prices in the hopes of a future reversal. 

Crypto analyst Ali Martinez recently shared on X (formerly Twitter) that Cardano whales have accumulated more than 410 million ADA tokens in April alone. At the cryptocurrency’s current market price, this substantial token buy amounts to an impressive $276,000,000. 

Notably, this massive increase in ADA accumulation signals strong conviction from large-scale investors in its long-term prospects. Although Cardano continues to trade sideways due to market downtrends and ongoing volatility, technical indicators suggest a shift in sentiment into the ‘Greed’ zone, signaling that investor optimism is rising.

Featured image from Adobe Stock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.