Cardano (ADA) Price Analysis: Will the Altcoin Reclaim the $1 Level?

Cardano (ADA) has taken a hit, plunging 12.47% in the past week. It even dipped below the $1 mark after a 7% crash on Monday.

Cardano (ADA) price analysis reveals a downtrend with a 12.47% decrease over the past week. After a 7% crash on Monday, ADA even dipped below the $1 mark. Throughout 2024, ADA experienced significant highs, reaching a peak of $1.32 in the fourth quarter. However, the altcoin has been steadily declining since then. In the last 24 hours, ADA has also lagged behind its rivals, rising just 0.65%.

According to the latest data from CoinMarketCap, ADA is currently trading at $0.9507, which is a 69.18% decrease from its all-time high of $3.10, achieved over three years ago. The digital asset has also fallen 11.48% in the last 30 days and faces resistance at $1, $1.10, and $1.50.

Cardano (ADA) Price Chart on March 13 | Source: ADA/USD on TradingView.com

If ADA climbs back above $1 but fails to break through $1.10, it may drop back down to the $0.90 support level. However, a move above $1.10 toward the $1.50 resistance could signal a potential upswing. To confirm a bullish breakout and reach new all-time highs, the altcoin needs to surpass $1.50 and aim for $2, a high for this cycle.

Cardano is currently the ninth-largest cryptocurrency by market capitalization, boasting a market cap of $33.37 billion. But if a Cardano exchange-traded fund (ETF) launches in the United States under the crypto-friendly Trump administration, ADA could soon overtake Dogecoin (DOGE) and Solana (SOL).

ADA Price Analysis: Daily Chart (TradingView)

The daily chart from TradingView (shown above) reveals that ADA accumulation has recently declined, despite the coin surging since November 2024. The slope of the line suggests the possibility of further distribution.

The Relative Strength Index (RSI) has turned bearish for ADA, with a value of 48.17. This indicates that sellers currently control ADA’s price action. The RSI line’s slope suggests that ADA’s price may fluctuate between $0.90 and $1 until it breaks out in either direction.

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