Cardano Battles Pressure — Can It Still Hit the $2.40 Target?

Key Points:

• ADA forms bullish pattern with $2.40 target, bouncing 550% off recent $0.38 low.
• $50M in liquidations at $0.60 created strong technical support for Cardano’s current price.
• Ford joins Cardano-based Iagon as advisor, backing blockchain innovation in document handling.

Cardano (ADA) is currently trading at $0.6017, showing a 1.60% decline in the past 24 hours and a 12.93% drop over the last seven days. Trading volume over the past day reached $677.8 million. The current price level is being watched closely by traders following a wave of long liquidations.

According to Alphractal’s heatmap data, nearly $50 million in long positions were wiped out last month around the $0.60 zone. This area is now viewed as a key psychological and technical support. “Cardano may be nearing the tail end of a brutal liquidation cascade,” one analyst observed.

Source: Alphractal

Cardano (ADA) Builds Strength Inside Long-Term Bullish Wedge

Technical analysts highlight that the token has remained within an ascending broadening wedge since early 2022. The pattern is defined by rising support and resistance trendlines that have historically led to large upward movements. Past rebounds from the wedge’s lower boundary have delivered returns of 200% and 300%.

Source: Bitcoinsensus/X

ADA recently bounced from a local low of $0.38, aligning with the wedge’s support. If the structure holds, the projected move points toward a price target of $2.40. This would represent a 550% increase from the recent low. As noted by @Bitcoinsensus, 

“ADA has been moving inside this ascending broadening wedge channel throughout this bull market.”

Market Fear Grows as Cardano Price Pressure Builds

The wider altcoin market continues to show signs of exhaustion. Many high-cap assets, including ADA, are now in oversold territory on the 1-hour RSI. Small-cap tokens have shown some strength, but most large-cap cryptocurrencies are under pressure.

This shift in sentiment has brought fear into the market, which often sets the stage for longer-term rebounds. ADA is positioned for a potential recovery as leverage clears and traders seek high-quality assets. 

Meanwhile, Cardano’s development ecosystem continues to attract attention despite current price trends. Iagon, a decentralized cloud platform built on Cardano, recently announced that Ford will act as an advisor for its project. The collaboration focuses on using blockchain to manage documents more efficiently.