Cardano (ADA) has been making significant strides in the crypto market recently, driven by broader bullish momentum and a surge in whale accumulation. Just a few weeks ago, Cardano spiked to a multi-year high of $0.8466, a level not seen since April 2022. This sharp uptrend was fueled by several factors, including speculation around Cardano founder Charles Hoskinson’s involvement with the U.S. government on cryptocurrency regulations. However, after this strong push, Cardano has retraced by over 8%, struggling to maintain momentum in the face of Bitcoin’s explosive rise to a new all-time high of $98,000.

Despite this slight pullback, many analysts remain optimistic about Cardano’s future. Notably, Rekt Capital, a well-respected market analyst, has provided an important update regarding Cardano’s price. According to Rekt Capital, Cardano must hold a key support level at $0.72 in order to maintain its uptrend. If ADA can stay above this level, the analyst believes Cardano could continue its bullish trajectory and reach new price targets in the near future.

The Importance of the $0.72 Level for Cardano

In a recent analysis, Rekt Capital pointed out that Cardano is on track for a potential macro bullish surge, with momentum continuing to build around the ecosystem. However, this potential uptrend hinges on the asset holding the $0.72 support level. Rekt Capital noted that this price point has previously served as a resistance zone, and if ADA can flip it to act as solid support, it would be a key signal for continued upward movement.

ADA has been hovering just above the $0.72 level, trading about 9% higher than this crucial support. The fact that Cardano has not dipped below this level in recent days gives analysts confidence that the coin is poised for another leg up if the broader market conditions remain favorable. As long as the $0.72 support holds, ADA could continue to climb toward its next targets.

Cardano’s Next Price Targets

Looking ahead, Rekt Capital and other analysts are eyeing potential price levels for Cardano. If ADA maintains its bullish momentum, the next key resistance points are expected at $0.994 and $1.363. These targets are based on Cardano’s Fibonacci extensions, which suggest that ADA could reach the 1.272 and 1.618 extensions in the coming months, respectively.

While these targets represent short- to mid-term goals for Cardano, some analysts are even more bullish. Ali Martinez, a well-known cryptocurrency expert, has speculated that Cardano could experience a massive surge, potentially reaching as high as $6 between July and September 2025. Martinez pointed to Cardano’s past performance during the 2020 bull cycle as a basis for this optimistic outlook, asserting that the asset could replicate its earlier success.

Currently, ADA is trading at around $0.781, experiencing a minor decline of less than 1% in the last 24 hours. However, the price remains significantly higher than the critical $0.72 level, indicating that the asset has strong support at these levels and could be poised for further growth in the coming weeks.

Cardano’s Long-Term Outlook

Looking beyond 2024, Cardano’s future remains promising, especially as the ecosystem continues to develop. Cardano has been gaining traction in various sectors, including DeFi, NFTs, and smart contract development. With upcoming updates and improvements, the platform could see increased adoption, which would further drive demand for ADA.

Furthermore, the continued development of Cardano’s decentralized finance (DeFi) and smart contract capabilities could help it capture more market share, particularly as other blockchain projects face challenges with scalability and transaction costs. As more developers and projects build on Cardano, the demand for ADA could increase, supporting its price growth.

In conclusion, Cardano’s ability to maintain support at the $0.72 level is crucial for its short-term price trajectory. If the cryptocurrency can hold this level and continue its upward momentum, ADA could target higher resistance points like $0.994 and $1.363 in the coming months. While long-term predictions vary, some analysts are even forecasting that Cardano could hit $6 by 2025, driven by broader adoption and continued development within its ecosystem. As always, investors should stay alert to market conditions, as volatility remains a key factor in the cryptocurrency space.