Cardano Price Rises 18%; Investors Month Long Losses Fade

Cardano’s price has recently bounced back, rising by 18% over the last 24 hours. This recovery follows a notable correction, signaling that the bullish pattern ADA has been forming remains intact. 

After struggling for several weeks, the altcoin’s ability to regain momentum offers hope for continued positive price action.  

Cardano Traders Are Confused

Over the past month, Cardano investors have faced significant losses as the price of ADA continues to follow a downward trend. Most transactions were showing losses, with the market unable to sustain any meaningful rallies.

The recent shift toward transactions showing profits is a positive sign, indicating a potential change in market sentiment.  

As ADA’s price rose above recent lows, the volume of profitable transactions increased, signaling that investors are starting to recover from prior losses. This shift in transaction volume, with profits now edging out losses. It suggests that the altcoin is finding a stable support level, which could lead to further price appreciation.  

The macro momentum of Cardano has also shown signs of improvement. The funding rate, which fluctuated for the past two weeks, had been a sign of uncertainty among traders.

The lack of upward price momentum caused traders to shift from a positive to a negative stance in February, opting to capitalize on price declines instead.  

However, the funding rate has turned positive again, signaling a potential shift in trader sentiment. If Cardano continues its price uptick, traders could maintain a more bullish outlook. A sustained positive funding rate would further support this shift, reinforcing the possibility of ADA’s continued upward momentum in the near term.  

Cardano Price Prediction: Can ADA Secure Support at $0.85?

Cardano’s price rose 18% in the last 24 hours. It is currently trading at $0.80, having successfully breached the $0.77 resistance. The altcoin now aims to flip the $0.85 resistance into support.

A successful breach of this level could allow ADA to continue rising, attracting further investor interest. At the same time, this rise would keep the bullish descending wedge pattern intact.

Securing $0.77 as support is essential for ADA’s continued bullish movement. If this level holds, and $0.85 is flipped into support, Cardano could push towards $0.99, potentially even $1.00. Such a move would signify sustained momentum and potentially mark the start of a longer-term uptrend.  

However, if ADA fails to breach the $0.85 resistance, it could fall back to $0.77 or dip lower to $0.70. A decline to these levels would invalidate the current bullish thesis. This would also erase the recent gains and potentially lead to renewed selling pressure.