Can Cardano Reclaim $1? Analyst Says ADA Price Must Hold This Crucial Level
Cardano (ADA) has maintained a price range of $0.68-$0.75 for the past 10 days, following a 40% retracement from a two-month high of $1.17. The cryptocurrency experienced an 80% surge on March 2 after a strategic reserve announcement but fell below crucial support levels after a March 6 executive order. Positive online sentiment has emerged, driven by the SEC's classification of ADA's use case as "smart contracts for government services." Large investors have purchased approximately 190 million ADA tokens recently. Analysts indicate that ADA's critical support level is at $0.66; failure to hold this could lead to significant price corrections. Conversely, maintaining current support and breaking local resistance could signal a bullish trend towards $1.22 or even $2 if it closes above $1.15.
