Cardano (ADA) Builds Momentum Toward $2 as Bulls Test $0.83 Resistance

Cardano (ADA) has shown signs of building momentum toward a $2 price target as buyers test the $0.83 resistance level. The cryptocurrency currently trades near $0.775, having declined 5.6% over the past 24 hours but still holding a 3.83% gain for the week [1]. Analysts and traders are closely watching the weekly chart, where price action indicates a tightening range and growing pressure against key resistance.

ADA’s support at $0.70 has remained robust since June 2023, forming higher lows during market pullbacks. This consistent support has provided a foundation for buyers, reducing the risk of deeper corrections and signaling accumulation activity [1]. Market analyst The Cryptomist highlighted this pattern, noting that higher lows on the weekly chart suggest a potential breakout is on the horizon. “Higher the timeframe, bigger the breakout,” the analyst tweeted, with a target near $2 implied if buyers can overcome the $0.83 resistance [1].

The current price action reflects a tug-of-war between bullish and bearish forces. Buyers have repeatedly tested the $0.83 level, which has acted as a descending trendline since a price spike in 2023. A successful breakout could pave the way for ADA to reach $1 and potentially surge toward $2, according to The Cryptomist’s analysis [1]. Conversely, a failed attempt at $0.83 could push the price back toward the $0.70 support zone, prolonging the consolidation phase.

Weekly chart consolidation further suggests that a significant price movement is likely on the horizon. The buildup of buying pressure and the formation of higher lows indicate that the market is in a phase of preparation for a potential breakout [1]. Traders are advised to remain cautious, as the current balance between support and resistance keeps the price in a tight range.

Market observers note that the $2 target aligns with historical trading ranges and psychological price levels, making it a meaningful threshold for ADA. However, a sustained move above $0.83 is necessary to confirm the bulls' strength and validate the long-term bullish case. The larger weekly timeframe increases the potential for a meaningful breakout, as long-term investors tend to act on such moves [1].

ADA’s next direction will depend on whether the $0.83 resistance can be convincingly breached. Until then, the market remains in a waiting game, with traders closely monitoring the price action for signs of a decisive shift. A successful breakout could mark the beginning of a new bullish phase for Cardano, while a breakdown would likely trigger renewed selling pressure and a retest of the $0.70 support level.

Source: [1] Cardano Price Builds Toward $2 Target with Bulls Testing $0.83 Line https://blockonomi.com/cardano-price-builds-toward-2-target-with-bulls-testing-0-83-line/