Cardano faces strong resistance in its effort to reach $1

According to on-chain data, Cardano is facing important resistance in its quest to reach the desired $1 milestone. Since hitting a yearly high of $0.8 per share in mid-March, Cardano’s price has been plagued by price fluctuations, falling to $0.58 a week later and settling at $0.647 at the time of writing. The drop can mainly be attributed to the overall market sell-off, but it has now hampered ADA’s growth.
The price action pushed the price of Cardano below a stiff resistance level. One of the resistance levels is the range between $0.65 and $0.70.
According to data from IntoTheBlock, investors purchased 2.14 billion ADA ($1.36 billion) at the aforementioned price levels.
If these investors include bearish buyers who are satisfied with exiting their positions at breakeven or a small profit, they may provide strong selling pressure.
Therefore, the bulls of Cardano must fight hard to overcome this price range and push the price of Cardano higher in 2024.
Meanwhile, the next resistance level exists in the ascending channel between $0.7 and $0.72. Around 108,000 addresses bought 1.42 billion ADA ($908 million) at this price level, which could create selling pressure.
Cardano aims for 2022 top
Amid the difficult resistance levels ahead, Cardano investors see a glimmer of hope. Crypto market sentiment remains generally bullish amid the upcoming Bitcoin halving and a possible continuation of the bull run.
If this were to happen, Cardano would likely be the biggest beneficiary given its position among the top ten cryptocurrencies by market cap.
Many analysts predict that Cardano could reach highs above $5 in this cycle, which would surpass its previous all-time high price by a large margin. However, others are eyeing a high of $7.5, which would see Cardano’s price grow past 1000%.
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