Cardano’s Path to $1: Analyst Lays Out Bullish Targets as ADA Defies Market Skeptics
Crypto markets love a comeback story—and Cardano’s latest surge has traders wondering if ADA’s finally ready to punch through the elusive $1 barrier. One analyst’s chart paints a roadmap of potential breakout levels, sparking fresh FOMO among the ’buy the dip’ crowd.
Key resistance levels now in play: $0.75 as the immediate battleground, with $0.90 looking like the next stop if bullish momentum holds. Past performance? Cue the standard disclaimer about how your portfolio could get wrecked chasing last week’s gains.
Funny how these price predictions always surface after a 20% green candle—almost like analysts enjoy confirming what your crypto Twitter feed already screamed at you yesterday. Still, with staking yields and ecosystem growth in the mix, ADA’s got more fundamentals than your average meme coin. For now.
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.
