Cardano Price Must Hold $0.66 to Avoid Significant Correction
Cardano (ADA) Price Overview
Cardano's price remains stable within a range of $0.68-$0.75 for the past 10 days, retracing 40% from its two-month high of $1.17.
- March 2 saw an 80% increase after President Trump's announcement regarding a "Crypto Strategic Reserve."
- Post-announcement, ADA dropped below crucial support levels due to a March 6 executive order related to Bitcoin and digital assets.
- Recent sentiment around ADA has improved, with positive social media engagement noted by Santiment.
- Whales have purchased approximately 190 million ADA tokens in the last 48 hours.
Potential Breakout or Breakdown
ADA is in a downtrend since December 2024, currently fluctuating between $0.60-$0.80. Key insights include:
- Support level at $0.66 is critical; failure to hold could lead to significant price declines.
- Analyst Sjuul indicates a potential distribution phase if support fails.
- A bullish reversal is possible if ADA maintains momentum after breaking out of a falling wedge pattern.
- For further bullish movements, ADA must hold current support and break local resistance to target $1.22.
- A daily close above $1.15 could push ADA towards $2, a level not seen since 2021.
