Is $1 Target within Reach?

 

Cardano (ADA) is currently priced at $0.6573, marking a 2.33% drop over the last 24 hours. ADA today 27th March 2024 drops its market cap by 2.33% to $23.4 billion. ADA holds the 9th position in the cryptocurrency market in terms of its market cap. Over the past 24 hours, the trading volume has amounted to $606,136,298,  an increase of 3.27 over the past 24 hours. The circulating supply stands at 35,578,764,055 ADA, which accounts for  96.8% of its total supply of 36,742,818,379 ADA.

ADA Data Chart: (CoinMarketCap)

Daily Technical Analysis

ADA has experienced a bearish trend for the past three weeks, with the most recent weekly candle closing bearish after encountering short-term support at the 0.5809 zone. The immediate strong weekly resistance level is situated at its recent high of 0.8102, while support remains at the 0.5809 zone.

On the ADA daily technical outlook, ADA has shown bullish momentum since finding support at the 0.5809 zone. Presently, the price has faced rejection at a resistance level around the 0.6800 zone,  which serves as the right shoulder for the newly formed head and shoulder pattern. 

ADAUSD Daily Price Chart (TradingView)

 

It is highly probable that the price will gravitate towards the strong 0.5809 support for the third time this March. Should bears dominate and bulls fail to rally prices up and reach targets of $1, a potential descent to test the head and shoulder neckline is anticipated following a successful breakout at 0.5809. As of today, the price opened at 0.6651 and has recorded a high of 0.6710 so far as of writing.

4-Hour Technical Analysis

In the 4-hour analysis, ADA is currently exhibiting bearish directions concerning the resistance zone at the right shoulder of the head and shoulder pattern. There’s a likelihood of a further bearish move, especially as it endeavors to breach the immediate and strong support at 0.5809, which has been tested twice this March, while bears maintain control. 

ADAUSD Daily Price Chart (TradingView)

 

The Relative Strength Index (RSI) stands at 48, indicating a neutral sentiment and that the bears and the bulls are in a neutral situation of control, while the Stochastic oscillator is at 21 level, suggesting a moderate oversold. In its general outlook, ADA’s performance appears to be influenced by both bullish and bearish factors, with key support and resistance levels defining its trajectory in the short term. 

Investors Guide

Based on the technical analysis provided, investors should closely monitor ADA price movements. With ADA currently trading within a defined range, attention should be given to key support at 0.5809 and resistance at 0.6800. The formation of a head and shoulder pattern suggests potential bearish pressure, indicating a possible descent towards the 0.4502 support level. 

However, a breakout above the resistance could signal a bullish reversal. Investors eyeing ADA’s long-term potential should assess its ability to surpass the $1 mark, which appears challenging amid current market conditions but remains a plausible target if bullish momentum strengthens and critical resistance levels are overcome.