Cardano (ADA) Smashes Through $0.60 Amid Market Correction

Cardano’s February performance charts a promising trajectory for ADA to mark a new yearly high.

Huge blueish bull being petted by a boy in cowboy outfit.
Created by Gabor Kovacs from DailyCoin
  • Cardano has started February on a promising note. 
  • ADA is breaking key resistance levels with ease. 
  • Cardano could be poised to mark a new yearly high, pending a pivotal factor.

Cardano finds itself in the spotlight, displaying renewed vigor as it confidently moves past resistances that were once hard to break. Following an underwhelming January, marked by a 22% decline, ADA is on a trajectory poised for success, setting its sights on marking a new yearly high. 

Cardano Charges Toward a New Yearly High

Cardano is moving full steam ahead in February after disappointing market participants in January. Since the beginning of this month, ADA has gained 30% and is showing no signs of slowing down, as it marks its third consecutive week of gains. 

In recent weeks, Cardano has broken through key resistance levels, fueling optimism among holders with each successful milestone. Last week, market participants analyzed each candle, wondering if ADA could charge through the $0.55 resistance. 


However, as evidenced, the $0.55 resistance wasn’t much of a challenge for Cardano as it smashed through $0.6 with ease on Friday. With ADA now on the cusp of reaching its yearly high of $0.69, a mere 13% rally stands in its way.

Cardano price chart.
Cardano price chart. Source: TradingView

Given Cardano’s bullish structure, there’s a strong possibility that ADA could aim for a new yearly high. Buoyed by its overwhelmingly positive long-to-short ratio, market sentiment remains optimistic regarding ADA’s potential to set a new high.

However, achieving this milestone hinges on the influx of fresh capital into Cardano. If Bitcoin enters a range, investors could shift their focus and capital to Cardano, bolstering its upward trajectory. Conversely, if Bitcoin slips below its support, Cardano could face strong downward pressure, potentially retracing back under the $0.55 mark. 


The following weeks are pivotal in determining whether Cardano will mark a new high or consolidate for the rest of the quarter. 

On the Flipside

  • Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
  • Bitcoin has surged 21% in February. 
  • DailyCoin expert Kyle Calvert opines Bitcoin’s breakneck rally fueled by ETF inflows, institutional interest, and anticipation of the halving suggests a potential extended bull run; however, he advises caution due to inherent market volatility.

Why This Matters

Cardano’s recent rally is an exciting marker for market participants and ADA holders, signaling renewed optimism and potential opportunities for sidelined investors to capitalize on. However, it’s important to exercise caution and consider the risks associated with the crypto market, given its unpredictable nature and inherent volatility, before deciding.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.