Bitcoin News Today: Cardano Rises 4.88% as Bitcoin Fails to Break $117.5K Resistance

Cardano (ADA) has shown strong short-term bullish momentum, gaining 4.88% in the last 24 hours amid Bitcoin’s ongoing struggle to break above the $117.5K resistance level [1]. This outperformance has sparked discussions about whether the altcoin can continue its upward trajectory independently of Bitcoin’s market dominance. Supporting this optimism is the 74% surge in ADA’s daily trading volume, reflecting heightened market interest and participation [1].

Technical indicators suggest that Cardano is currently in a favorable position for further gains. Using swing points from late June and July at $0.51 and $0.937, Fibonacci retracement levels have shown that the 61.8% level at $0.673 was nearly retested as support, and the June high at $0.73 has now become a key support level. The Chaikin Money Flow (CMF) indicator at +0.06 indicates strong buying pressure, while the Moving Average Convergence Divergence (MACD) remains above zero, signaling potential bullish momentum [1].

Looking ahead, Fibonacci extension levels at $1.03 and $1.2 are identified as the next potential targets for Cardano [1]. These levels align with strong horizontal resistance zones observed between November and December 2024, reinforcing the technical case for further price appreciation. On the 2-hour chart, ADA is currently trading near $0.78, a level that previously acted as resistance but is now behaving as support. This structural shift enhances the short-term bullish outlook, particularly as long as the price remains above the critical $0.755 level [1].

While Cardano’s immediate prospects appear favorable, some analysts have raised concerns about short-term exhaustion in the price action [3]. Traders are reportedly shifting capital toward other assets, particularly those tied to AI-related themes, which could pose a challenge for ADA’s continued outperformance. However, the recent rebound from the 200-day Exponential Moving Average (EMA) suggests that the bulls remain in control, and further confirmation could solidify the trend.

At the broader market level, Bitcoin remains above $114,500, but the lack of a clear breakout has created a vacuum that altcoins like Cardano have stepped into [4]. ADA has surged as high as $0.80 in early August, driven by growing institutional interest and improved on-chain metrics [2]. Analysts at Bitget and Perplexity AI have also offered price forecasts, with short-term predictions suggesting ADA could trade between $0.7936 and $0.7942 over the next few days [5]. Additionally, Perplexity AI has highlighted Cardano’s appeal as a scalable and eco-friendly blockchain solution, contributing to its 30% price increase over the past month [6].

Investors and traders are now closely monitoring whether Cardano can maintain its upward trajectory or if the market will shift attention to other emerging projects. The key resistance at $0.95 is seen as a critical milestone that could validate the broader bullish narrative [1]. A successful breakout could pave the way for a retesting of the $1.03–$1.2 range, aligning with previous bullish technical forecasts.

Sources:

[1] Cardanos Recent Gains Suggest Potential for Continued Rally Amid Bitcoins Resistance Challenges (https://en.coinotag.com/cardanos-recent-gains-suggest-potential-for-continued-rally-amid-bitcoins-resistance-challenges/)

[2] XRP News Today: Cardano ADA Surges 17.6% Amid... (https://www.ainvest.com/news/xrp-news-today-cardano-ada-surges-17-6-bullish-technicals-rising-derivatives-activity-2508/)

[3] ADA Faces Sell Signal as Analysts Eye MAGACOIN with 64x... (https://www.ainvest.com/news/ada-faces-sell-signal-analysts-eye-magacoin-64x-potential-2508/)

[4] Bitcoin Holds Above $114500; Experts See Breakout... (https://m.economictimes.com/markets/cryptocurrency/bitcoin-holds-above-114500-experts-see-breakout-potential-amid-rising-inflows/articleshow/123159799.cms)

[5] Cardano (ADA) Price Prediction (https://www.bitget.com/price/cardano/price-prediction)

[6] Perplexity Predicts 2025 Prices for XRP, Solana and... (https://cryptonews.com/news/perplexity-ai-predicts-the-price-of-xrp-solana-and-cardano-by-the-end-of-2025/)