The post Cardano price holds above $0.24—can ADA break $0.26 as $2 calls return? appeared on BitcoinEthereumNews.com.
Cardano’s price fell 3.19% over the past week, but buyers have prevented the decline from becoming more serious. ADA was trading near $0.246 at the time of this writing, gaining 0.82%. The small recovery comes as talks of the possibility of ADA reaching $2 have gained traction. But for Cardano to do that, it must first overcome a much closer obstacle, and its network data makes the forecast difficult to accept. ADA’s recovery meets a familiar ceiling ADA broke out of a downward price channel earlier in September and climbed toward the $0.26 price area. It has tested that area several times since then, but buyers have not been able to push through it. With its latest pullback, the $0.24 price level has been brought into focus. If buyers defend the $0.24 price area, ADA could attempt the $0.26 price range. If it is able to go past that level, it may try the $0.28 price level. Source: TradingView But if it falls below the $0.24 price level, it could make the price go toward the $0.235 price range. Losing that second level would make the recent breakout look less secure. Does Cardano’s network support a $2 price? Analyst Lark Davis recently suggested that Cardano’s dedicated community could eventually help ADA recover to $1, $1.50, or even $2. Reaching the $2 price level from where it is currently means it will need to gain more than 700%! DeFiLlama data showed that the Cardano TVL fell from around $140 million earlier in the year to roughly $60–70 million. It has seen a slight rise from its recent low, but it remains far below previous levels. Source: DefiLlama Trading activity on Cardano has also been uneven. There have been some surges, but it has not been a sustained one that can give…