#AppleCryptoUpdate #BinanceHODLerSTO $ADA
It seems that Cardano (ADA) is regaining its bullish momentum after a sharp correction from its recent highs. According to a recent analysis conducted by an analyst on TradingView, ADA may be preparing for another major rally, with potential target prices heading toward the one dollar level and beyond.
Analyst expects Cardano to surpass the one dollar target
On May 1st, Arman Shaban released a technical analysis on TradingView, where he examined the ADA price chart over three days to determine its next bullish targets. The analysis shows that Cardano previously rose from a low of $0.33 to a peak of $1.32, representing an increase of over 300%, marking its highest price in three years.
Related reading: Cardano's price could rise by 300% from here if it breaks this level
At that time, this significant rise faced strong resistance near a bearish order block (OB), resulting in profit-taking and a sharp decline to $0.50. Despite the correction, a young chart shows that the ADA structure appears bullish, as it showed signs of strength after regaining the $0.65 area.
Chart analysis also highlights a major liquidity wave that occurred during the recent correction. Subsequently, the ADA token bounced from a clearly defined demand area and bullish order block, indicating strong buying interest at these levels.
Cardano
Source: Arman Shaban on TradingView
Currently, Cardano is attempting to build a higher low, with price movement stabilizing strongly above $0.65. This stability above $0.65 is a critical support level, indicating that the market is preparing for a potential continuation upward.
A player in BitStarz achieves a record win of $2,459,124! Will you be the next big winner?
If this level continues to hold, Shaban expects the next bullish targets to be at $0.75, $0.81, and $0.93, and eventually $1.05. These levels represent previous resistance points and liquidity levels, and each target represents a potential turning point in Cardano's price recovery.
The one dollar level holds psychological significance for Cardano, as its price has traded below this level for months. Successfully surpassing the $0.81 level is likely to pave the way for a retest of this level. However, the focus remains on the $0.65 and $0.75 ranges, as a strong close above this area may confirm Cardano's readiness for a renewed and ongoing bullish wave.
Whales are accumulating ADA amid low prices
Cardano is currently trading at $0.69 after dropping more than 4.7% last week. Amid this decline, investors have acquired ADA tokens in large numbers, seemingly taking advantage of the lower prices in hopes of a future reversal.
Related reading: Cardano's price rises to $1.70: Here are the factors that will drive the recovery
Crypto analyst Ali Martinez recently announced on X (formerly known as Twitter) that Cardano whales have accumulated over 410 million ADA tokens in April alone. At the current market price of the cryptocurrency, this massive purchase is valued at $276 million.
This massive increase in ADA accumulation indicates a strong conviction among major investors regarding its long-term prospects. Despite Cardano continuing to trade sideways due to bearish market trends and ongoing volatility, technical indicators suggest a shift in sentiment toward the 'greed' zone, indicating increasing optimism among investors.
