Cardano (ADA) Price Sets Stage for Rally to $1, Key Levels to Watch

Bhushan Akolkar
February 10, 2024 Updated July 5, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Cardano Price Rally

Highlights

  • Cardano price breakout above its 50-day SMA at $0.5419 can lead to another 30% rally.
  • Cardano on-chain indicators show surge in ADA whale transactions.
  • Charles Hoskinson bets on Cardano for implementing effective on-chain governance.

The Cardano (ADA) price has recently shown clear signs of bottoming out and setting itself up for a rally to $1. At press time, Cardano (ADA) is trading 0.1% up at a price of $0.5364 with a market cap of $19.0 billion. If the ADA Price Gives A Daily Close Above $0.53, the Bulls will take charge for a further rally to at least $0.68.

Cardano (ADA) Price Ready For Breakout

The downtrend in Cardano (ADA) price, persisting since mid-December, has resulted in a roughly 30% decline. However, there are signs that the price may have reached a bottom as ADA approaches a significant downtrend line. If buying pressure increases, ADA could surpass this trendline and face resistance at the confluence of the 50-day Simple Moving Average (SMA) and a horizontal line at $0.5419.

Further key levels to monitor beyond this point include the $0.5908 barrier, which stands approximately 10% above current levels, and a higher resistance at $0.6412. In a highly bullish scenario, ADA could potentially climb by 30% to reach $0.6800.

Conversely, if Cardano (ADA) faces rejection from the descending trendline, the price may decline further below the trendline support, possibly testing the $0.4668 bottom, which is approximately 10% lower than current levels.

According to Santiment data, there has been a notable increase in Cardano’s volume metric, accompanied by a rise in the number of whale transactions involving movements exceeding $100,000 worth of ADA. This uptick suggests heightened activity among traders, which may positively impact the price of ADA.

Courtesy: Santiment

Taking Charge of Decentralized Governance

Charles Hoskinson, founder of Cardano, recently addressed the most pressing challenge he believes in the blockchain industry is the complexity of achieving effective and efficient on-chain governance. He highlights that while Satoshi Nakamoto’s introduction of proof of work resolved a significant issue within the digital currency space, it doesn’t compare to the intricacies involved in decentralized governance.

Hoskinson suggests that successfully implementing on-chain governance within Cardano could be considered “the single biggest innovation in collective governance in human history, it’s worth a Nobel Prize.”

Hoskinson emphasizes the unprecedented nature of this task, stating that Cardano’s success in decentralized governance would not only mark a monumental achievement in the cryptocurrency realm but could also set the stage for a new era of collective governance on a global scale.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.