The post Cardano (ADA) Price Attempts a Bullish Reversal-Will it Reclaim $1 or Slip Back Below $0.6 appeared first on Coinpedia Fintech News
Cardano’s price action has swiftly changed over the past few days, pointing towards a change in the market sentiment. After a deep correction throughout Q1, the ADA price has rebounded sharply by over 20%, which has helped the token to recover some losses. However, the risk model suggests the Cardano bull run has not yet started, although the price experienced a major upswing. The price recently marked logical highs at $0.817 but failed to hold above $0.8 as the bears quickly dragged the levels lower.
Now the question arises whether the ADA prices can reclaim $1 in May 2025 or remain consolidated below $0.8.
Ever since the ADA price topped above $1.33 in the last few days of 2024, the bulls have been failing to prevent the token from breaking the descending trend. It did attempted to break above the levels, but the rejection that followed dragged the levels by close to 30% Now that the token has initiated another breakout. Will it continue to rise or is yet another rejection fast approaching?
The weekly chart of Cardano suggests the price maintaining a bullish trend since the 2023 rebound from the lows below $0.25. Since then, the volatility of the token has increased considerably, due to which the price has surged above the 200-day MA for the first time in the past few years. Moreover, the 50/200-day weekly MA is heading towards a bullish crossover for the first time in history. On the other hand, the CMF has triggered a bullish divergence from the lows.
Previously, when the levels triggered a rebound from the lows, the price triggered a 300% jump; therefore, a similar price action is expected in the next few weeks. Therefore, the Cardano price is primed to rise above $3 once the levels secure the range above $1.25. The Cardano (ADA) price is gaining momentum, which suggests the token may not face a rejection as the bulls are poised to elevate the levels beyond the current highs.