$ADA #Cardano has significant 🚀 in price momentum, rising over 40% since mid-Jan after period of subdued trading.

ADA faced resistance near $0.70 after a 14% surge on Feb 10th, followed by correction. ADA’s technical indicators suggest potential breakout if it can surpass resistance @$0.79

ADA has seen resurgence in price momentum over past month, gaining over 40% in value since bottoming out @$0.38 in mid-Jan. This latest move upward comes after an extended period of muted trading activity & seeming disinterest from traders.

However, with ADA developer IOHK recently revealing plans for major netwrk upgrades & functionality improvements slated for 2023, ADA now appears poised to challenge significant overhead resistance

After ranging tightly between $0.57 & $0.63 for two full weeks in February, ADA finally broke out with a 14% pump on February 10th. However, bulls quickly ran into selling pressure near the $0.70 level, which sparked a correction.

several days of consolidation, ADA mounted another rally, this time topping out just below $0.79 & marking local high for the year so far.

Can Cardano hit $1?

Traders initially struggled to gain foothold above $0.75, causing ADA to retrace as much as 20% off its highs by late February. But with buyers consistently emerging near $0.63 again, ADA appears to have established a clear floor of support.

Just within last week, ADA has rallied 26% to return to the upper end of its recent range.

Based on technical indicators, ADA looks positioned for a breakout.

The token is testing resistance @$0.79, & decisive push above would open door for further upside.

next major target for bulls sits around $0.86, level that has capped multiple ADA rallies throughout 2022.

If $0.75 continues acting as support, ADA bulls have a green light to push for a test of $0.86 resistance.

A weekly close above that threshold would signal a bullish trend reversal and bring $1.00 into sight.

failure to hold $0.75 floor could see ADA give back recent gains & return to its 2023 trading range between $0.57 & $0.63 in short order.

#Write2Earn