Cardano (ADA) Surges 15% to $0.86, Eyes $0.90 Breakout

Cardano (ADA) has recently shown signs of a bullish trend, with its price starting a fresh increase from the $0.720 support zone. The cryptocurrency is currently consolidating and may attempt a clear move above the $0.8650 zone. ADA's price is trading above $0.80 and the 100-hourly simple moving average, with a key bullish trend line forming with support at $0.8280 on the hourly chart of the ADA/USD pair. This trend line suggests that the price could start a fresh increase if it clears the $0.8650 zone.

In the past few sessions, Cardano saw a decent upward move from the $0.720 zone, similar to other major cryptocurrencies. ADA was able to recover above the $0.750 and $0.80 resistance levels. The bulls pushed the price above the $0.820 resistance, testing the $0.8650 zone. A high was formed at $0.8643, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.7113 swing low to the $0.8643 high.

On the upside, the price might face resistance near the $0.8650 zone. The first resistance is near $0.880. The next key resistance might be $0.90. If there is a close above the $0.90 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.980 region. Any more gains might call for a move toward $1.00 in the near term.

If Cardano’s price fails to climb above the $0.8650 resistance level, it could start another decline. Immediate support on the downside is near the $0.8280 level and the trend line. The next major support is near the $0.80 level. A downside break below the $0.80 level could open the doors for a test of $0.7880 or the 50% Fib retracement level of the upward move from the $0.7113 swing low to the $0.8643 high. The next major support is near the $0.750 level where the bulls might emerge.

Technical indicators such as the hourly MACD for ADA/USD are gaining momentum in the bullish zone, while the hourly RSI (Relative Strength Index) for ADA/USD is now above the 50 level. Major support levels are identified at $0.8280 and $0.8000, with major resistance levels at $0.8650 and $0.9000.

Cardano's recent rally has garnered significant attention, with market participants focusing on the $0.80 and $0.90 zones as potential breakout levels. This surge in interest is backed by various technical indicators and on-chain data, suggesting that the market could be at the beginning of a substantial rally and price reversal. The technical indicator in question implies that a significant upward movement is imminent, supported by explosive technical setups and increased adoption.

The bullish momentum for Cardano is further bolstered by strategic partnerships and a 15% price surge to $0.86. These developments, coupled with bullish technical indicators, have set the stage for a potential rally toward the $0.90–$1.20 range. The Fear and Greed Index, powered by advanced algorithms, also indicates a strong bullish sentiment, adding to the overall positive outlook for ADA.

Analysts have predicted that ADA could reach around $1.31 by 2025, assuming a neutral market. However, they note that the price could go even higher if Bitcoin rallies or if Cardano gains more traction in the market. This prediction is based on the assumption that the current bullish momentum will continue, driven by increased adoption and strategic partnerships.

The recent surge in ADA's price is also supported by a $1.26 billion open interest, hinting at strong bullish momentum. This open interest indicates that there is significant capital flowing into the market, further fueling the rally. The combination of technical indicators, on-chain data, and strategic partnerships has created a favorable environment for ADA, suggesting that the rally may just be beginning.