Cardano (ADA) Shows Bullish Signals Ahead of Major Network Upgrade
Cardano (ADA) is displaying promising technical indicators that suggest a potential bullish reversal following its recent market correction. After experiencing a 25.3% decline over the past month, the cryptocurrency has found strong support at the $0.5585 level, according to market data from CoinGecko.
Technical Analysis Points to Potential Upside
Market analyst Lingrid observes that ADA has formed higher lows while trading within a falling wedge pattern, a technical formation that often precedes trend reversals. “The reclaiming of the 0.5585 support zone suggests growing buying pressure,” Lingrid noted. “This could propel ADA toward the $0.70 resistance level in the near term.”
- Current Support: $0.5585 holding strong
- Price Targets: $0.70 initial, $0.79 on confirmed breakout
- Key Pattern: Falling wedge suggests decreasing selling pressure
Leios Upgrade Could Boost Network Fundamentals
The upcoming Leios upgrade, scheduled for 2025, aims to significantly enhance Cardano’s scalability and performance. Such network improvements historically correlate with positive price action for native tokens. crypto analyst Femifire commented, “While the technical setup looks promising, traders should watch for a confirmed breakout above wedge resistance before expecting sustained upward movement.”
As of the latest data, ADA trades at $0.5617. Market participants are advised to monitor key resistance levels while keeping an eye on development updates regarding the Leios implementation timeline.
