The consolidated close to the year 2024 seems to have paved the way for a huge bullish action. The majority of the cryptos, including the Cardano (ADA) price rally, have initiated a strong rebound from the pivotal support zone, which has kept the bullish hopes alive. The price marked a 2-year high by surging over $1.2, which unfortunately attracted massive bearish activity, dragging the levels by more than 30%. However, the latest rebound from the interim bottoms suggests the growing bullish dominance over the token.
Can the bulls revamp a fresh rally beyond the 2024 highs and reach $2?
The recent bull run helped the price to breach above the descending trend line that it held since the rejection from the 2021 highs. The token remained bearish throughout December, which compelled it to close the yearly trade within a restricted range. However, the bullish start for 2025 revived the hopes of a bull run for the year, marking fresh highs above $3.
After rebounding from the 2023 lows, the rally triggered a decent rebound and formed constant higher highs and lows in the higher timeframe. This suggests the growing strength of the bulls that have pushed the price above $1. The supertrend has turned bullish after the recent rebound since the start of the week. However, the RSI has undergone a parabolic recovery curve and entered the overbought zone. Despite a pullback below the upper threshold, the levels have triggered a bullish divergence.
With the current rebound in price, the token is about to rise above the interim resistance around $0.968 and a rise above these levels may push the price beyond $1. Besides, the volume is experiencing a significant squeeze, which may further attract huge liquidity. Hence, the Cardano (ADA) price could secure the resistance zone between $1.175 and $1.28, which has been a trend-reversal zone before the end of the month, which may pave the way for the token to rise beyond $1.5 in the upcoming months.
Besides, if the market scenario remains bullish for the rest of the year, the price may keep up the upswing and eventually mark a new ATH before the end of the year.
