Cardano (ADA) is showing signs of life after a recent price drop. One analyst thinks it’s about to take off again, possibly even hitting $1 and beyond.
Analyst Predicts ADA Rally
A TradingView analyst, Arman Shaban, recently shared a bullish outlook for ADA. Looking at a 3-day chart, Shaban noticed that ADA previously soared from $0.33 to $1.32 (a huge 300% increase!), before pulling back to $0.50. Despite this correction, the overall chart structure looks positive.
Shaban points to a key “liquidity sweep” during the drop, followed by a bounce off a strong support level. ADA is now consolidating above $0.65, a crucial support level. If this holds, Shaban predicts ADA could climb to:
- $0.75
- $0.81
- $0.93
- And finally, $1.05
Breaking through $0.81 would likely lead to another attempt at hitting $1, a psychologically important price point. The main focus, however, is holding above $0.65 and $0.75.
Whales are Buying the Dip
While ADA’s price has dipped recently (down about 4.7% last week), some big players are buying. Analyst Ali Martinez reported that “whales” (large investors) accumulated over 410 million ADA tokens in April alone – that’s around $276 million! This suggests strong belief in ADA’s future. Even with the current market uncertainty, investor sentiment is trending positive.
