Cardano (ADA) appears to be regaining bullish momentum after experiencing a sharp correction from recent highs. According to a recent analysis by a TradingView analyst, ADA may be getting ready for another major rally, with potential price targets pointing toward the $1 mark and beyond.
Analyst Sees Cardano Breaking Past The $1 Target
On May 1, Arman Shaban released a technical analysis on TradingView, examining the ADA price chart on a 3-day timeframe to decipher its next bullish targets. The analysis shows that Cardano previously surged from a low of $0.33 to a peak of $1.32, representing a more than 300% rally that marked its highest price in three years.
At the time, this significant rally had met strong resistance near a bearish Order Block (OB), triggering profit-taking and a sharp pullback to $0.5. Despite the correction, Shaban’s chart reveals that ADA’s structure looks bullish, with its price showing signs of strength after reclaiming the $0.65 zone.
The chart analysis also highlights a key liquidity sweep that occurred during the recent correction. Following this, ADA bounced from a well-defined demand zone and bullish Order Block, signaling strong buy-side interest at those levels.
Currently, Cardano is attempting to build a higher low formation, with price action strongly stabilizing above $0.65. This consolidation above $0.65 is seen as a crucial support level, indicating that the market is preparing for a potential bullish continuation.
If this level continues to hold, Shaban predicts that the next upside targets lie at $0.75, $0.81, $0.93, and ultimately $1.05. These levels represent previous resistance points and liquidity levels, with each target representing a potential milestone for Cardano’s price recovery.
The $1 level holds psychological significance for Cardano, as its price has traded below this threshold for months now. A successful move beyond the $0.81 target would likely open the door to a retest of this level. Nevertheless, the focus remains on the $0.65 and $0.75 range, as a strong close above this zone could confirm ADA’s readiness for a renewed and continued upward push.
Whales Accumulate ADA Amid Low Prices
Cardano is currently trading at $0.69 after falling over 4.7% this past week. Amidst this price decline, whales have been purchasing ADA tokens in droves, seemingly taken advantage of the low prices in the hopes of a future reversal.
Crypto analyst Ali Martinez recently shared on X (formerly Twitter) that Cardano whales have accumulated more than 410 million ADA tokens in April alone. At the cryptocurrency’s current market price, this substantial token buy amounts to an impressive $276,000,000.
Notably, this massive increase in ADA accumulation signals strong conviction from large-scale investors in its long-term prospects. Although Cardano continues to trade sideways due to market downtrends and ongoing volatility, technical indicators suggest a shift in sentiment into the ‘Greed’ zone, signaling that investor optimism is rising.
Featured image from Adobe Stock, chart from Tradingview.com
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