Cardano price tests $0.80 support as bulls target $1.50, bears aim for $0.75
Cardano is currently holding steady around a crucial support level of $0.80, as investors closely monitor the upcoming months of October and November, which could determine the cryptocurrency’s next significant price movement. Analysts are observing a familiar pattern in Cardano’s price structure, anticipating a cooling-off period before a potential breakout.
In the short term, Cardano’s chart indicates a possible correction in the weeks ahead, with a potential deeper pullback expected in early October. This scenario typically involves a retracement to lower support levels before a stronger upward move resumes. The Relative Strength Index (RSI) has already started to decline from recent highs, signaling a necessary reset phase before the next price surge.
Looking towards the mid to late October period, experts see a prime opportunity for Cardano to rally and potentially reach new yearly highs. Maintaining a price position above the broader support range of $0.75 to $0.78 will be critical for triggering a bullish momentum shift in the market.
Cardano is currently testing a strong support region near $0.813, where a notable buy wall is expected to provide stability against further downside pressure. Historically, such concentrated liquidity zones have acted as reliable support levels, allowing the market to pause and regroup before making its next move. If the price manages to hold above $0.81 to $0.82, investors could witness a recovery towards resistance levels at $0.85 and $0.90. However, a breach of this support zone may lead to a retest of the $0.78 to $0.75 range.
Analysts are closely monitoring Cardano’s weekly chart, which indicates a narrowing price structure approaching a descending resistance line that has previously impeded price breakthroughs. Similar to past breakout scenarios, sustained consolidation against this resistance line could trigger a significant rally, potentially propelling the price towards $1.50 by October or November.
Institutional adoption is seen as a key driver for Cardano’s future growth, as evidenced by Reliance Global Group’s recent acquisition of ADA for its digital asset treasury initiative. This development underscores the increasing recognition of Cardano as a viable digital asset not only by exchange-traded funds (ETFs) but also corporate treasuries.
In conclusion, Cardano’s current price level of $0.80 is a pivotal juncture for the cryptocurrency. The ability to hold this support level will determine its potential for recovery and subsequent upward movements. Institutional interest and continued adoption will play crucial roles in shaping Cardano’s trajectory in the upcoming months, with a breakout towards $1.50 becoming increasingly plausible if these factors align positively.
