The “neutral” sentiment in the crypto market leaves room for more growth across the board.
Cardano (ADA) price has quietly outperformed much of the market this quarter, climbing roughly 66% over the last 90 days alone, as per latest news and data.
Even so, headlines turned choppy this week after large holders reportedly sold 530 million ADA in just 48 hours.
Yet, the broader backdrop of the Web3 market is fueling the risk-on sentiment.
For perspective, CoinMarketCap’s Altcoin Season Index showed a reading of more than 75 out of 100, indicating that capital has begun to rotate into altcoins.
This piece will break down the crucial price levels that could make or break ADA’s uptrend, and investor sentiment could shape ADA’s path toward $1.5.
ADA has experienced a steep uptrend since July, briefly forming a classic bullish pennant on its daily chart.
It’s a pattern that denotes a short consolidation between two converging trend lines, often breaking out in the direction of the prior bullish move.
The resulting patterned breakout has delivered multiple retests of the $0.94 resistance level for more than a month now.
A decisive daily close above $0.94 on rising volume could initially unlock a recovery toward $1.10. This move would represent about a 25% increase from the current price levels.
Until then, the trend remains constructive because ADA continues to respect the 20 and 50-day exponential moving averages (EMAs) as dynamic support levels.
EMAs weigh recent prices more heavily, so holding above them signals that buyers are still winning the “tug of war” in the short to medium term.
A close below both EMAs would warn that the uptrend is stalling and that a relatively deeper correction could follow.
From a long-term perspective, analyst Ali Martinez has highlighted an ambitious target.
In the previous bull market, ADA topped near the 1.272 Fibonacci extension, and the current price structure is echoing that playbook.
If the pattern repeats, Martinez argues that the $3 to $6 range for ADA is well within the zone of possibility later this cycle.
Meanwhile, ADA’s Relative Strength Index (RSI) was around 54 at press time. This reading is quite close to equilibrium, meaning it’s far from overbought, leaving room for growth for the next crypto bull run.
Looking ahead, if the RSI maintains a position above 50, ADA’s journey toward the $1 to $1.1 resistance band seems plausible.
After clearing that, a more ambitious waypoint for traders becomes $1.5, a number that often serves as a headline target during altcoin season phases.
Investors watching Cardano news should note that crypto whales recently offloaded nearly 530 million ADA over two days, as the altcoin faced rejection near the $0.94 resistance.
A large amount of supply hitting the market over a short period can affect a coin’s momentum, particularly around an important resistance level.
But ADA’s price defended the 20-day EMA during the recent dip, confirming a near-term bullish edge.
Interestingly, Cardano news saw the Crypto Fear and Greed Index show “neutral” sentiment in the crypto market at press time.
It’s well shy of the “greed” or “extreme greed” levels that we typically see in a full-blown altcoin season.
In other words, there’s room for sentiment to improve if the ADA price successfully breaches the $0.94 resistance.
Read more on The Coin Republic
