- Cardano Faces Resistance at $0.96, Potential Breakout Could Push ADA Higher
- Increased Market Activity Signals Strong Engagement Despite Price Decline
- February 2025 Prediction Shows Potential for 70.95% Growth in ADA Price
Cardano’s (ADA) price trend is attracting increasing attention as February begins. Despite a slight decline in its price, Cardano remains an intriguing cryptocurrency, with market observers anticipating a significant turn of events in the upcoming month.
Charles Hoskinson, the founder of Cardano, recently teased the community, hinting at upcoming developments that could make February an exciting month for ADA holders. These developments, although not fully disclosed, have created an air of anticipation.
Market Activity and Volume Analysis
At the time of writing, Cardano is trading at $0.9406, reflecting a 1.88% decline over the last 24 hours. This price dip, however, doesn’t tell the full story. The trading volume during the same period has risen by 10.84%, reaching $673.77 million. This increase in volume indicates a surge in market activity, despite the price pullback.
The volume-to-market cap ratio of 2.03% suggests moderate liquidity, which is essential for efficient price movement. Thus, while ADA faces some downward pressure, its market engagement remains strong.
Price Action and Key Levels
Cardano opened the day at around $0.9586, but was quickly met with resistance. The price struggled to stay above this level, leading to fluctuations throughout the day. A high of $0.97 was reached, but this too acted as a resistance point.
Subsequently, ADA faced a downward trend, reaching a low of $0.94, where it found support. Currently, the price is consolidating at this support level, testing its ability to hold steady.
Source: CoinMarketcap
If ADA breaks below the $0.94 mark, the next significant support level to watch is $0.93. However, if the price bounces back, resistance levels at $0.96 and $0.97 could come into play.
RSI and MACD Indicators
ADA/USD daily price chart, Source: Trading view
The RSI stands at 45, suggesting a neutral stance for ADA, although it is closer to the oversold zone. A drop below 40 could signal growing bearish momentum. On the other hand, a rise above 50 may indicate a recovery toward a more bullish trend.
The MACD currently shows bearish momentum as the MACD line is below the signal line. However, if the MACD crosses above the signal line, it may signal a potential trend reversal, indicating a shift toward upward movement.
February 2025 Price Prediction
Looking ahead, Coincodex market analysts are forecasting a strong growth potential for Cardano in February 2025. ADA is expected to surge by as much as 70.95%, with an average price prediction of $1.60942. The anticipated price range for February is between $0.950585 and $2.31, offering the potential for a 145.67% return compared to its current price.
