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Cardano’s native cryptocurrency, ADA, has experienced a modest increase of 3% in the last 24 hours, trading at over $1.20 at the time of writing. This recovery occurred despite ADA losing some gains earlier in the week. Investors targeting a potential rally believe that the price could reach $2 in the long term.
Cardano Sets Price Target at $2
Recent analyses indicate that Cardano’s price continues to face resistance, establishing a significant micro-support zone between $1.11 and $1.21. It is emphasized that maintaining the support level at $1.11 is critical for sustaining upward momentum. This zone serves as a turning point, providing assurance for further price increases.
Role of Micro and Macro Support Levels
From a broader trend perspective, ADA’s price trajectory remains upward, as long as it stays above the $0.644 retracement level. Dropping below this level may signal the end of the current bullish trend, necessitating caution among investors.
Current price movements suggest that ADA could form a higher low and a higher high, which are considered essential for continued upward movement. If the current trend persists, analysts predict potenti…
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