Cardano (ADA) surges 7% as bullish momentum builds

Cardano (ADA) has recently surged by 7%, capturing the attention of traders and market observers. This upward movement has added momentum to the broader market rebound, with the critical resistance level now at $0.60. A breakout beyond this point could trigger a new bullish wave for the cryptocurrency.

On the hourly chart, ADA is trading near a key support area around $0.5814. Despite the recent rally, this positioning suggests that buyers may still lack the strength for a clean breakout. The nearest resistance stands at $0.60, and if selling pressure increases, a dip toward the $0.57 support zone is likely. Technical indicators on short timeframes hint at ongoing bearish control, indicating that for ADA to shift decisively upward, trading volume and momentum need to rise. Without that fuel, price action may remain sideways or slightly bearish.

Zooming out to broader timeframes, the landscape appears more promising. ADA recently tested the $0.5882 resistance on the daily chart. A candle close near or above this level could flip $0.60 into a springboard for further gains. Much will depend on sustained investor interest and market sentiment. The weekly outlook is particularly significant. If ADA’s weekly candle closes well above $0.5192, analysts believe the price could target the $0.65 level. Such a move would likely require confirmation from both volume spikes and a clear market-wide bullish trend.

Another factor that could influence ADA’s trajectory is the ongoing speculation around a potential spot ETF approval. Institutional interest could unlock over $1 billion in capital directed toward ADA if regulatory approval is granted. This capital influx could dramatically shift Cardano’s price dynamics and potentially bring it back to previous all-time highs.

In conclusion, while ADA’s short-term movement may still be bound by resistance and hesitancy, daily and weekly structures lean bullish—especially with ETF discussions looming large. Traders and investors should watch volume levels, price closings, and regulatory developments to gauge ADA’s next big move. The potential for a breakout beyond the $0.60 mark has generated excitement, with many anticipating further gains in the coming weeks. The cryptocurrency's strong fundamentals, coupled with the growing optimism within the market, position it well for continued growth and success.