Cardano price approaches key resistance level, can bulls push ADA to $1?

Despite selling pressure from whales, ADA continues to struggle in its attempt to reclaim the $1 level. According to data from crypto.news, Cardano ( ADA ) was trading at $0.58, marking a 6.6% gain over the past week that pushed its market cap over $21 billion. Despite this, the broader picture remains mixed with ADA still down 11.9% over the past 30 days and trading nearly 50% below its $1 peak from March 3. While bulls have attempted to revisit that level multiple times since, each effort has ultimately fallen short. Some market analysts view July as a potential turning point. With bullish sentiment slowly returning across the broader crypto market heading into Q3, attention has shifted to $0.70 as the next major resistance level. A successful breakout above that zone could open the door to a renewed push toward $1, particularly if macro conditions and liquidity flows continue to improve. One notable catalyst that could support renewed investor interest is Cardano’s expansion efforts beyond its traditional DeFi and staking focus. On July 8, the Cardano Foundation announced Reeve, a new enterprise-grade financial reporting platform built on the Cardano blockchain. Reeve allows institutions to publish tamper-proof financial data directly on-chain, offering a transparent and audit-ready solution that integrates with existing accounting systems. Such enterprise-focused developments could strengthen Cardano’s fundamental narrative, especially among institutional allocators eyeing scalable blockchain infrastructure. You might also like: Aevo unveils platform offering 1000x leverage on select stocks like MSTR and CRCL ADA price analysis From a technical standpoint, ADA has formed a falling wedge pattern on the daily chart, a formation that typically suggests a trend reversal is nearing. ADA price, MACD and RSI chart — July 9 | Source: crypto.news Supporting this outlook, momentum indicators such as MACD and RSI have both begun to trend upward, signaling a gradual shift in sentiment from selling to buying pressure. A confirmed breakout above the upper band of the wedge at $0.6053 would be the first bullish trigger. Should this occur, $0.73 emerges as the next key resistance, which represents a 25.8% upside from current levels. Still, this optimistic scenario hinges on ADA maintaining its critical support level at $0.54. A breakdown below this level could negate the bullish setup entirely. However, not all indicators are in the bulls’ favor. Whale wallets have reportedly offloaded over 170 million ADA in the past two weeks, according to data from Santiment, a move suggesting reduced confidence among large holders. This kind of smart money outflow typically indicates expectations of short-term weakness and may continue to act as a headwind for any short-term rally. Hence, unless bulls manage to reclaim control and flip $0.73 into support, a sustainable move toward $1 in the short term remains unlikely. Conversely, if ADA loses its grip on the $0.54 support zone, it could trigger a deeper pullback to $0.50 or even retest the wedge base near $0.44, where stronger buyer interest may eventually return. Read more: Coinbase launches $5M bug bounty on Cantina to secure Base and on-chain products Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.