Cardano (ADA) 148% Rise as September Begins in Red: Can Rally Last? - U.Today

According to CoinGecko data, Cardano remains up 148% on a one-year basis despite an earlier drop at September's start.

Cardano community-focused X account Cardanians highlighted this price increase in a recent tweet, noting that ADA is surpassing BTC, ETH, SOL, BNB and DOGE on a yearly basis performance.

Cardanians predicts that "Cardano (ADA) still has a lot more room to grow," considering its previous ATH.

Cardano last reached an all-time high on this date four years ago (Sept. 2, 2021), peaking at $3.10, boosted by major upgrades to the network.

At its current price, Cardano is 73.43% away from its record high, implying that it still has room for more upside growth if this is taken into consideration.

What's next for ADA price?

Cardano fell at the week's start as investors weighed macroeconomic concerns and September's bearish seasonality. The cryptocurrency marked four straight days of drop since Aug. 28, when it reached a high of $0.879. Monday saw a sharp rise to $0.8451 before a reversal, subsequently reaching a low of $0.782.

Currently, ADA is facing immediate resistance at $0.8274, which coincides with the daily SMA 50, with bulls tugging this key level to break above it.

If this is achieved, Cardano would confront its next resistance level at $0.84. If ADA's price turns down sharply from this high, the chances of a drop to $0.68 increase, although short-term support is anticipated at $0.72.

For ADA to reach $1, buyers will have to propel Cardano’s price above key resistances in the $0.96 and $0.987 range.