Cardano (ADA) took a hit today as it dropped below $0.8. It lost 6% of its gains as it declined from its intraday high of 0.82 to now trading at $0.7.
But even with this drop, some analysts, like Rose Premium Signals on X, believe ADA could make a comeback and push to $1.35.
Having a look at the chart, we will see a falling wedge pattern formed already. This is often a sign that the price could reverse soon.
According to the analyst, ADA needs to break $0.9837 for an uptrend confirmation. If it succeeds, the immediate targets are $1.1619 and $1.3529. If ADA does not manage to stay above the resistance level, then it may keep on struggling.
Meanwhile, investors are starting to pay a lot of attention to ADA. Recent data from CoinShares showed that ADA recorded $1.9 million in inflows last week, taking its monthly total to $4.4 million.
In contrast, Bitcoin and Ethereum saw huge outflows of $430 million and $7.2 million. This means that investors are shifting to other cryptos such as Cardano, XRP, and Solana. They are making changes in their investment strategies in the crypto market by focusing on portfolio diversification.
Cardano ADA has gained 6% in trading volume today but with a 6% drop in its market cap to $27.05 billion. The Relative Strength Index (RSI) stands at 42, which means there’s still space for movement.
In short, ADA can continue to trade between $0.8352 and $0.8568 for a while. But the important level to watch out for is the $0.9837 resistance level. If Cardano holds above this, we can expect a big leap and possibly hit the $1.35 target.
Also Read: Solana drops below $170 amid Memecoin Scams
