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

Key Points

1. Cardano (ADA) was trading at $0.58, up 6.6% over the past week but still down 11.9% over the past 30 days and nearly 50% below its $1 peak from March 3.

2. Market analysts view July as a potential turning point, with $0.70 identified as the next major resistance level.

3. The Cardano Foundation announced Reeve, a new enterprise-focused development, which could strengthen Cardano's fundamentals.

4. Momentum indicators like MACD and RSI suggest a confirmed breakout above $0.6053 could trigger bullish movement, with $0.73 as the next key resistance.

5. Whale wallets have offloaded over 170 million ADA in the past two weeks, indicating potential short-term bearish expectations.

6. A breakdown below the $0.54 support level could lead to a deeper pullback to $0.50 or even $0.44.