Cardano is rising fast and is approaching crucial point: is $ 1 possible again?

Cardano (ADA) is today in the Plus with more than 5 percent. The course has broken the limit of $ 0.60 again, but is still far below the magic level of 1 dollar.

Since December, Ada has actually been in a downward trend. But July could be a possible turning point. What can we expect from the course?

The ADA Course

Ada returned to the zone around $ 0.55 in June where it also formed a bottom in April. So there is potentially a double bottom, a bullish pattern.

Now that the general market sentiment is carefully recovering towards the third quarter, attention focuses on the resistance in the zone between $ 0.65 and $ 0.70. In this zone, Ada was rejected last month, after which it dropped to $ 0.50. A convincing breakthrough above this level could open the door to a new attack on the upper trend line of the downward channel.

Fundamental picture

An important catalyst for new confidence among investors is the recent expansion of Cardano outside the traditional deficiency and strike ecosystem. For example, the Cardano Foundation announced on 8 July Reeve, a new Enterprise platform for financial reports that uses the Cardano-blockchain.

This platform enables companies to publish transparent, on-chain financial data and is in line with existing accounting systems. Such initiatives reinforce the fundamental story of Cardano, especially for institutional parties looking for scalable blockchain infrastructure.

However, not all signals are positive for the bulls. For example, data from Santiment shows that Whales, the major players within the ecosystem, sold more than 170 million ADA in the past two weeks. This outflow of ‘Smart Money’ points to restraint among large investors, which can put a brake on a further increase.

As long as Ada fails to turn the aforementioned zone between $ 0.65 and $ 0.70 to support support, a breakthrough to 1 dollar remains unlikely in the short term. If Ada drops to 0.55 dollars due to the support, a further decrease is to 0.50 or even obvious below.

At the time of writing, the Cardano rate is 0.6144 dollars, more than 5 percent higher than 24 hours ago.