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Cardano (ADA) has recorded a significant boost in price as it climbed from a daily low of $0.5885 to breach the $0.60 resistance in the earlier trading session. This development marks a crucial move for the coin, now eyeing the $1 level again.
ADA breaks resistance, but investors remain cautious
According to CoinMarketCap data, the ADA price changed hands for $0.6225 as positive ecosystem support pushed it higher. The coin hit a peak of $0.6367 before experiencing a pullback as other factors weighed in on its potential breakout streak on the crypto market.
Tomiwabold OlajideNotably, ADA’s investors are still cautious and have not warmed up to the significant gain in the asset. The trading volume has remained in the red zone at $964.87 million, representing a decline of 29.36%.
However, this surge above the $0.6 price mark requires active buying momentum to push it beyond this level. If ADA investors rekindle their interest and go long on the asset, it could support its journey to the psychological $1 mark.
However, if the buying momentum cannot be achieved, the price of ADA could suffer a reversal and slip to find support at around $0.57.
The broader market trend could also force ADA to give up its gains. The recent trade tariff strain, which impacted most crypto assets on the market, is a major twist or headwind to watch.
Cardano developer support and treasury boost
ADA investors might be monitoring the market to see if the rise in its momentum following the announcement of a 90-day pause on the trade tariff is sustainable.
Gamza KhanzadaevAs long as ADA continues to climb or stabilize above the $0.60 level, sentiment may switch to positive. With the community anticipating higher price levels, defined buy-ups mark the only basis to help keep the support intact.
Top proponents have started this trend as Sebastien Gulliemot, a lead Cardano developer, recently acquired 686,567 ADA and donated it to the treasury. This move increased the treasury to over 1.72 billion ADA, and related retail and institutional investments can make all the difference.
Vladislav Sopov
Dan Burgin