Cardano (ADA), one of the most prominent cryptocurrencies, has been struggling to break free from its recent bearish trend. Despite the broader market’s positive momentum, ADA has remained below the crucial $0.40 price level.
The recent fork upgrade introduced governance functionalities to Cardano’s blockchain, a significant step forward for the project. However, the token’s price action has not reflected this progress. ADA has been unable to surpass the $0.34 resistance level, a critical hurdle for its upward trajectory.
According to technical analysis, Cardano’s support levels are currently at $0.331971, $0.325065, and $0.312993, while its resistance levels are at $0.350949, $0.363021, and $0.369928.
Despite the challenges, there is optimism that Cardano could break through the $0.34 barrier in the near future. CoinCodex predicts that ADA may reach as high as $0.39 by September 30, representing a 7% increase from its current price.
Looking further ahead, the forecast for Cardano in 2024 is cautiously optimistic. While the token may not experience a dramatic price surge, it is expected to make steady progress. Experts predict that ADA could reach the $0.80 price level by March 2025.
Beyond 2024, Cardano’s potential for growth remains significant. CoinCodex forecasts that ADA could breach the $1 price mark by May 2025, representing a substantial increase from its current valuation.
Also Read: Cardano (ADA) Analysis – Can $0.22 Support Lead To $4.65 Or Will It Fall To $0.13?
While Cardano has faced challenges, its fundamental strengths and recent developments suggest that it may be poised for a price rebound. As the broader cryptocurrency market continues to evolve, it will be interesting to see how Cardano’s performance unfolds in the coming months and years.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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