Cardano's 148% Rise Amid September's Red Market: Can ADA Rally Last?

Cardano's ADA token has risen 148% in the past year despite an initial drop at the start of September. The community-focused X account Cardanians highlighted this increase, noting that ADA has outperformed BTC, ETH, SOL, BNB, and DOGE on a yearly basis. However, the cryptocurrency's price fell at the week's start due to macroeconomic concerns and September's bearish seasonality. If ADA can break above its immediate resistance at $0.8274, it may reach its next resistance level at $0.84.

Title: Cardano's ADA Token Surges 148% in One Year Despite Initial September Dip

Cardano's ADA token has experienced a significant surge, rising by 148% over the past year, according to CoinGecko data [1]. Despite an initial drop at the start of September, the cryptocurrency has shown resilience and continues to outperform major competitors such as BTC, ETH, SOL, BNB, and DOGE on a yearly basis [1].

The community-focused X account Cardanians highlighted this price increase in a recent tweet, noting that ADA is surpassing these cryptocurrencies in terms of yearly performance [1]. The tweet also predicted that ADA still has substantial room for growth, considering its previous all-time high (ATH) [1].

At its current price, Cardano is 73.43% away from its record high of $3.10, set four years ago on September 2, 2021 [1]. This indicates that ADA could potentially see further upside growth if it breaks through key resistance levels.

However, Cardano faced a dip at the beginning of the week, with the cryptocurrency marking four consecutive days of decline from August 28 to September 1 [1]. The price fell from a high of $0.879 to a low of $0.782, before a slight recovery to $0.8451 on Monday. The immediate resistance level for ADA is currently at $0.8274, which coincides with the daily Simple Moving Average (SMA) 50 [1].

If ADA can break above this resistance level, it may then face its next resistance at $0.84. If the price turns down sharply from this high, there could be a potential drop to $0.68, although short-term support is expected at $0.72 [1].

To reach $1, buyers would need to propel ADA’s price above key resistances at $0.96 and $0.987 [1]. Meanwhile, Cardano's price action shows signs of consolidation near $0.82, indicating that the cryptocurrency may be preparing for a possible breakout towards $1.20 [2].

Cardano founder Charles Hoskinson has revealed that the Cardano ecosystem is exploring partnerships with USD1 stablecoin, Chainlink, and Aave [2]. These partnerships could drive more user transactions on the Cardano network, potentially boosting its utility and adoption. The technical roadmap for ADA includes a key breakout level at $0.88, with potential targets at $1.05, $1.15, and $1.20-$1.23 [2].

As long as ADA maintains above its current channel support of $0.78-$0.82, the overall picture for Cardano remains bullish [2]. The cryptocurrency's price continues to show strength within its upward trending channel, suggesting that further upside potential exists.

References
[1] https://u.today/cardano-ada-148-rise-as-september-begins-in-red-can-rally-last
[2] https://blockonomi.com/cardano-ada-price-technical-analysis-points-to-potential-1-20-target/