Cardano (ADA) surges 4.23% in 24 hours, bulls target $0.90

Cardano (ADA) has seen a notable surge in its price over the past few days, with bulls maintaining a dominant position in the market. The cryptocurrency's rate has increased by 4.23% over the last 24 hours, currently trading at $0.8494. This upward trend is bolstered by a 13% daily rally and a 37% month-on-month rally, pushing the price to around $0.85. The bullish momentum is further evidenced by a 23% surge in the past week, with the price testing resistance levels at $0.85 and $0.86.

On the hourly chart, ADA has made a false breakout of the local resistance at $0.8796. The daily bar closure in relation to this level will be crucial in determining the next price movement. If the daily bar closes far from this resistance, bears may regain control, potentially leading to a drop to $0.8188. Similarly, on the longer time frame, if the daily bar closes far from the $0.8643 resistance level, there is a chance of a decline to the $0.80 range. However, from a midterm perspective, there are no reversal signals yet, and the high volume confirms the strength of the bulls. This suggests that ongoing growth to the $0.90 mark and above is the more likely scenario.

Analysts have noted that Cardano has flipped the trend after weeks of grinding through a long descending channel. This shift in trend has led to a strong breakout above a long-standing descending trendline, with the price hovering around $0.87. The bullish sentiment is further supported by the fact that ADA has broken resistance at $0.74 and is now testing higher price levels. Analysts are eyeing $1.18 and $1.31 as potential targets if ADA closes daily above the current resistance levels.

The technical indicators also hint at a major upside move, with the volume spiking. This increase in volume, coupled with the bullish price action, suggests that there is significant buying pressure in the market. The ongoing rally is also supported by the fact that ADA is trading at $0.8219, up 5.37% in the past 24 hours. This price movement is indicative of the strong bullish momentum that has been driving the market in recent days.

In conclusion, the current price analysis of Cardano (ADA) indicates a strong bullish trend, with the price likely to continue its upward trajectory in the coming days. The high volume and lack of reversal signals suggest that the bulls are in control, and the price is likely to test higher resistance levels in the near future. However, traders should remain cautious and monitor the daily bar closure in relation to the key resistance levels, as this will be crucial in determining the next price movement.