Cardano ADA News: Potential Breakout on the Horizon

Cryptocurrency investors are keeping a close eye on Cardano (ADA) as its price action and technical indicators suggest a potential major breakout. Here’s a closer look at the developments and what they mean for the future of the digital asset.

Cardano (ADA) Potentially Setting Up for Breakout?

ADA’s price action and technical indicators are aligning with its 2021 cycle, hinting at a possible major breakout. After a historic 72% surge to $1.14, the price retraced to the $0.70 range. Despite the broader market sentiment being bearish, ADA has shown relative strength. Its weekly structure mirrors its 2021 cycle, when a 52% drop led to an 11-week consolidation before a 4,000% breakout. At press time, ADA was consolidating for five weeks from this cycle’s high.

Why Cardano Price Pull-Back Was Always Coming & Next Big Viral Coin Goes On Sale Getting Big Asia Backing

Cardano’s recent dip comes as no surprise to many analysts, who predicted a correction after the coin’s prolonged upswing. While the blockchain project has announced new security partnerships to bolster enterprise adoption, market cycles often dictate that a pullback occurs before further growth. At the same time, a panda-themed meme coin, Panshibi, is drawing strong interest from Asia. Panshibi’s presale at $0.005 has raised more than $1.3 million and might represent a new viral play. The ADA price is roughly down 7% in the past 24 hours.

Cardano Price Prediction: Can ADA Hit $1.5 By March 15?

Cardano (ADA) shone brighter than other assets in the cryptocurrency market due to Donald Trump’s announcement of including the asset along with Solana (SOL) and XRP into the country’s Crypto Strategic Reserve. Following this news, ADA’s price surged from $0.64 to $1.13. However, after a staggering 41.54% rise over the past seven days, the asset experienced a slight correction and was trading at $0.8958 at the time of writing, with a 7% drop over the past 24 hours.

ADA Enters Opportunity Zone

While ADA’s price action initially showed promise, the momentum quickly faded. Despite entering an opportunity zone, where historically it has been a reversal point for potential recovery, ADA holders remain skeptical. The Market Value to Realized Value (MVRV) Ratio indicates that ADA holders who purchased within the last month are facing 12% losses. However, there is little indication that investors are acting on this opportunity despite the potential for recovery at low prices.