The price of Cardano (ADA/USD) is currently on a bullish rally triggered by the recovery across the broader cryptocurrency market. The recent ADA rally comes after several weeks of ADA trading at notable lows.
Cardano’s price is now showing signs of an imminent reversal, and it could now rally towards $1 if the buyer support continues to accumulate.
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At the time of writing, Cardano was trading at $0.965 after an 11.3% gain in 24 hours. The price indicators show that the price could make a trend reversal, and the $2 level could be attained soon.
The price movement of Cardano can be analyzed using the Gann contemporary analysis. The price of ADA is now sitting at the 180-day cycle, and according to the Gann analysis, the price could be priced for an imminent reversal once it sits at this cycle.
Cardano reached an all-time high of $3.09 on September 2, 2021, and on March 1, the price of ADA will have completed a 180-day cycle. If the Gann analysis is considered, this could be the beginning of a strong corrective move in ADA prices.
ADA now looks to be extremely oversold due to the recent recession in the market that has lasted for the past few months. The first target that the current bulls will set is $1. If the price of ADA Breaks past $1, the next target will be set at $1.30. Such bulls will be triggered by the buying pressure and the market support that is currently strong. During the past 24 hours, the global cryptocurrency market cap has gained 11.2%, which is a positive sign for ADA pushing higher.
While the recent uptrend has triggered gains across the crypto charts, there is still a possibility that ADA could also dip and head to previous lows. The bear market could be caused by geopolitical tensions and the looming crypto regulations in the European Union.
If the trend across the broader cryptocurrency market reverses, ADA will test the lower support level at $0.92. If the price decline continues, the lows of $0.75 could also be tested.
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