Cardano (ADA) Eyes $1: Why Reaching Milestone Still Delayed
Cardano (ADA) has faced resistance in its pursuit of the $1 mark, with recent market cooling slowing its upward momentum. At the time of writing, ADA is trading at $0.78 — down 3.09% over the past 24 hours and 10.25% for the week.
On July 21, ADA came close to hitting $1, peaking at $0.935. However, it failed to maintain its gains and retraced. A renewed bullish push on July 28 lifted the price to $0.856, but ADA again lost steam and dipped back below $0.80.
Several factors are holding ADA back from a breakout, including widespread profit-taking after a steady rise throughout July. This selling pressure has limited the upward movement. Additionally, the broader market has cooled, adding to the drag. The $1 mark remains a strong psychological resistance level, with sellers consistently stepping in as ADA approaches it
Still, technical indicators show that bulls are not entirely out of the picture. ADA continues to hold above its daily 50-day and 200-day SMAs, currently at $0.674 and $0.739 respectively. This suggests ongoing buyer interest. A decisive move above $0.86 could open the door for another run toward the $0.90–$0.95 range, and potentially a retest of the $1 barrier.
Cardano Fundamentals Remain Strong
Despite the recent pullback, Cardano’s underlying fundamentals continue to show strength. Input Output’s latest report highlights the ecosystem’s steady growth:
- 2,007 projects are currently building on the Cardano blockchain
- 1.34 million wallets are delegated
- 111.86 million total transactions recorded