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Cardano Has A Possibility Of Regaining Its $1

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Cardano has been trading near a major support level, attracting a huge number of buyers. ADA has a possibility of regaining its $1 value as long as it holds.

Cardano is currently trading above a significant demand zone, with buy indications emerging. 

Over the last two weeks, ADA has retracted by more than 26.5 percent. Profit-taking increased after Cardano hit a high of $1.25 on April 4, prompting prices to fall to $0.92. The Layer 1 platform, which aspires to compete with Ethereum and Solana, is presently consolidating around this price mark, indicating that a positive impulse may be in the works. 

On the daily chart of ADA, the Tom DeMark (TD) Sequential indicator has indicated a buy signal. The bullish formation appeared as a red nine candlestick, indicating an upsurge of one to four daily candlesticks. Rising upward pressure around present price levels should help support the bullish perspective and propel Cardano to $1..  

Cardano’s transaction history demonstrates that it has established a strong foundation at roughly $0.92. More than 44,790 addresses have already purchased nearly 6.8 billion ADA around this price level, according to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model. The substantial demand zone may keep prices from falling further, supporting the bullish argument.

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A bullish impulse around present price levels, however, could run against firm resistance at $1, where 241,000 addresses possess over 4 billion ADA. Higher highs could be possible if the daily candlestick closes above this barrier.

It is important to note that Cardano must avoid printing a daily close below $0.92, as this may cause investors to withdraw their long positions. If this support level is broken, ADA could fall below $0.80 or even lower.