Cardano (ADA) Price Returns to $1. Will Support Hold?

Cardano (ADA) Price Returns to $1. Will Support Hold?
  • Cardano (ADA) price is back to $1 after over 30 days of trading below this line.
  • ADA formed a Double Bottom pattern.
  • The next 2 to 3 days will determine whether ADA has flipped the $1 resistance into support.

After a month of trading below $1, Cardano (ADA) has finally retaken the highly strategic price level. As of the time of writing, ADA price is at $1.07, which is a surge of 33.8% from the last 7 days, according to CoinGecko.

ADA/USDT 1-day chart (source: TradingView)

As seen on the chart above, ADA price has maintained three consecutive green candlesticks, signifying a surge in price in the last 3 days. As many in the crypto space are aware, the $1 price level is arguably the most important crucible for ADA throughout its history. 

In detail, ADA has stayed very long near $1 before making its ascent to its all-time high (ATH) price of $3 before crashing down. ADA also traded within $1 before losing its support, thereby causing it to plunge to the bear zone at $0.8.

Fortunately, ADA has formed its Double Bottom, which signified that the bulls have led ADA out of the $0.8 bear territory for now. However, a quick peek at the Relative Strength Index (RSI) reveals that ADA may struggle to maintain its hold of $1. ADA will need to rally bulls at this level if it wants to flip the $1 resistance into support.

The next 2 to 3 days will be very crucial in determining Cardano price’s fate.

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