Cardano appears to be trading at a vital support level that has attracted many buyers. As long as it continues to hold, ADA has a chance of rebounding toward $1.
Cardano Points to a Rebound
Cardano is holding above a significant demand zone while buy signals are starting to appear.
ADA has retraced by more than 26.5% over the past two weeks. The spike in profit-taking occurred after Cardano hit a high of $1.25 on Apr. 4, which saw prices decline to $0.92. The Layer 1 platform, which is hoping to compete with the likes of Ethereum and Solana, is now consolidating around this price point, signaling that a bullish impulse could be underway.
The Tom DeMark (TD) Sequential indicator has presented a buy signal on ADA’s daily chart. The bullish formation developed as a red nine candlestick, which is indicative of a one to four daily candlesticks upswing. Rising upward pressure around the current price levels could help validate the optimistic outlook and push Cardano toward $1.