ADA (Cardano) has recently been fluctuating around $0.58, gaining 6.6% over the past week, with a market cap exceeding $21 billion, but it has fallen 11.9% over the past 30 days, nearly halving from the $1 peak in early March. Although bulls have attempted several times to push back up, they have not succeeded.
Some analysts believe that July could be a turning point. The market is slowly becoming bullish, with everyone focusing on the key resistance level of $0.70 - if it can break through, there might be a chance to push towards $1, especially if the macro environment and capital flow improve.
Another piece of good news: on July 8, the Cardano Foundation launched an enterprise-level financial reporting platform called Reeve, which allows institutions to publish tamper-proof financial data on-chain and integrate with existing accounting systems. This enterprise-focused development may attract more institutions to Cardano.
From a technical perspective, the ADA daily chart has formed a 'descending wedge', which typically indicates a potential reversal upward.
MACD and RSI indicators are also starting to rise, indicating that selling pressure is easing and buying interest is increasing. If it can break through the upper wedge line at $0.6053, the next target could be $0.73 (an increase of 25.8% from the current level).
However, it is crucial to hold the support level of $0.54; if it breaks below, the bullish momentum will be lost. Moreover, over the past two weeks, large holders (whale wallets) have sold over 170 million ADA, indicating a lack of confidence from large investors, which may suppress short-term rebounds.
Therefore, in the short term, to rise to $1, it needs to stabilize above $0.73; if it cannot hold $0.54, it may drop to $0.50, or even $0.44 (the bottom of the wedge), at which point there may be more buyers entering the market.
