The Cardano cryptocurrency (ADA), which hit a 22-month high of $0.810 on March 14, is trading around $0.600, showing signs of a bearish trend.
Such dynamics of the ninth most capitalized cryptocurrency caused concern among the crypto community, but many experts were quick to reassure investors, pointing to signs of ADA's bullish growth soon.
Despite ADA's recent rebound of nearly 20% last week after hitting a 22-month high of $0.810 on March 14, there are signs that a potential trend reversal is just around the corner. This shift in momentum could potentially push ADA back to the $1 mark, which it hasn't reached since April 2022.
A crypto analyst nicknamed Trend Rider said on his X (Twitter) page that on the two-week chart of ADA, the major moving averages are realigning from a bearish to a bullish pattern.
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"This shift mirrors the previous pattern seen just before ADA began a significant bullish rally," the crypto analyst pointed out.
In the event of a repeat of the bullish growth ADA showed in 2021, when its price jumped more than 2,000% from $0.133 to $3.168, the price of the Cardano token could easily exceed $12 in the current reality, according to NewsBTC.
However, for ADA to move to bullish growth, it will need to maintain support during a cryptocurrency market correction in the range of $0.45 to $0.52, according to Trend Rider.
At the time of writing, ADA is trading at $0.6295, up 6.3% in the past 24 hours.
According to CoinGecko, ADA has a market capitalization of $22.18 billion, while Cardano's diluted market capitalization (the total value of all ADA tokens, including those not yet in circulation) has reached $28.31 billion. ADA's 24-hour trading range is $0.5798 to $0.6462.
At the same time, Token Terminal data pointed to an increase in fees generated on the Cardano network. Over the past 30 days, fees increased by 36.5% to $506,000.
This indicates the growing importance of the Cardano network in various transactions and applications.
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