Can Cardano (ADA) Double As Price Approaches Key Support?

Cardano (ADA) price is facing critical pressure, trading slightly above $0.90 after significant declines. The cryptocurrency struggles to regain momentum amid broader market corrections. Meanwhile, Bitcoin (BTC) remains below the $95,000 mark, reflecting persistent challenges. Both assets show signs of uncertainty, raising concerns among investors about potential market recovery trajectories in the coming days.

Will Cardano Price Double with Support in Focus?

Cardano price is approaching a crucial support level, sparking discussions about its potential for significant upward movement. The cryptocurrency currently trades within a range of $0.874 to $1.327. This range-bound movement highlights a technical zone pivotal to traders and investors.

The analyst suggests that the top altcoin has consistently formed higher lows since its swing low on December 19. This pattern signals a bullish sentiment as buyers appear to step in at increasingly higher levels. Analysts are closely monitoring the demand zone between $0.829 and $0.879, which presents a favorable entry point for accumulation based on technical indicators.

If Cardano price rebounds strongly from this demand zone, it could initiate a rally toward its short-term price targets. These targets are set at $1.10, $1.32, and $1.60, representing potential areas of resistance. Achieving these levels would require sustained buying momentum and favorable market conditions.

Technical charts further indicate that a clear breakout above the upper range could confirm bullish continuation. Such a move might signal that Cardano has regained market confidence and investment interest.

Cardano (ADA) price chart: TradingView

At the time of writing, the ADA price is hovering at $0.9443, with a slight surge of 2% in the past 24-hours. Most of the cryptocurrencies are trading in sideways with BTC trading below $95k.

ADA Price Surges Amid Supply Growth

The Cardano price market displayed notable fluctuations, as observed in the chart, with total supply steadily increasing. ADA’s price surged sharply in November, hitting peaks before retracing to stabilize.

The consistent supply growth highlights network expansion, while price volatility emphasizes market dynamics. Analysts suggest monitoring upcoming developments and market trends for potential opportunities in the cryptocurrency landscape.

Source: Santiment

Cardano’s price recovery depends on holding critical support levels and overcoming key resistance zones. Sustained momentum and favorable market trends are crucial for potential gains. Investors should remain vigilant and track developments to capitalize on opportunities.

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