đš Last Time This Happened Cardano Price Hit $3.1, Will History Repeat? đš
Cardano ($ADA ) price is rebounding strongly today, May 20, as Bitcoin ($BTC ) and most altcoins edge higher.
ADA gains will likely continue after founder Charles Hoskinson tapped an audit firm to boost investor confidence after fraud allegations were brought against him.
Despite these allegations, nearly $1 billion worth of ADA tokens have left centralized exchanges since 2025.
Can this bullish development propel Cardano (ADA) to $3.10?
At press time, Cardano trades at $0.74 with a 3% intraday gain. Bulls are eyeing the $1 psychological level if ADA price flips crucial resistance.
Cardano bulls are defending the crucial support level at $0.74, making it likely for the price to bounce and resume an uptrend.
If ADA bounces from this support, it will likely revisit the $0.84 resistance, with a breakout set to propel it towards $1.32.
However, technical indicators show that Cardano price has to fall to the support zone between $0.68 and $0.74 first to attract buyers before an upswing happens.
The RSI at 51 is at neutral levels with neither bulls nor bears having full control.
Meanwhile, the DMI indicator shows that ADAâs move to bullish zones may take longer, as the +DI tips south to converge with the -DI, confirming the loss of bullish strength and a looming bearish reversal.