I know there is a lot of optimism that ADA is at a bottom and a major bounce to $1.70, $2.40, and $3.10 is around the corner. Unfortunately, the signals for these scenarios are very weak. Instead, we have a project that is retracing after a major pump in 2021. It soared way too high and is still falling back to earth. The declining MFI and weak upswings followed by further declines are evidence enough that ADA is not in great demand and price will continue to suffer. The $1.10-$1.20 range has historical support which is keeping price afloat for now, but this level is a mental mirage. All cryptos eventually require fundamental analysis to justify their price. Cardano is fundamentally way over valued. Any rational person knows this. Yes, ADA follows BTC and ETH price action but the whole crypto market cap can not continue to grow without justification i.e. real world projects that create real value for average people will advance the ball. More DEXs and swaps and staking that only crypto junkies understand won't cut it.
