The crypto markets have seen a strong recovery week, with the Bitcoin price gaining 7.42% over the past seven days. Major altcoins have seen even stronger performance, and Cardano is among them. Now, the ADA price is at a key crossroads, and it could see double in value or drop to multi-year lows.
On Tuesday, March 25, Cardano continued its weekly recovery, up 3.54% in just one day and trading at a high of $0.7617. This brought ADA’s weekly growth to 10.38% and brought the token above key support, which could propel it to its highest levels in years.
Cardano (ADA) Price Prediction
Notably, the Cardano price is currently trading above a support level between $0.68 and $0.7. This level corresponds to a support ADA held this year and the 2024 highs, consistent with a gradual upward momentum. At the same time, the token’s price is consolidating within a triangle that has been forming since November, suggesting a potential breakout.
What happens next will depend on whether the $0.68 to $0.7 support level holds. If it does, the price of ADA could see a breakout toward $1.3 levels in the coming weeks. However, if the support breaks, there is a potential for a correction toward $0.25 levels, the lowest ADA has been in years.
Which of the two scenarios is more likely will depend on broader market momentum and narratives about Cardano. For one, crypto markets have shown signs of resilience as monetary policy has improved for risk assets. At the same time, legislative action in the United States around a potential Bitcoin reserve could significantly boost the markets.
While Cardano has previously underperformed competitors like Solana, it has a core of supporters. These advocates are confident due to the network’s resilience, especially when it comes to a lack of outages and transaction failures.
For this reason, Cardano has recently seen a rise in institutional and whale investments. For one, the value of wallets holding between 100k and 1 million Cardano jumped $240 million in the past week, suggesting that whales are buying up tokens. Moreover, a possible Cardano ETF approval this year will open the door for institutional investors, who will approve of its focus on reliability.
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