Cardano Smashes Resistance—$1 Price Target Now in Play

ADA bulls charge as critical resistance crumbles. The ’Ethereum killer’ flirts with dollar parity—just as the broader market remembers what green candles look like.

Behind the surge: A perfect storm of staking rewards hype, Vasil upgrade tailwinds, and traders desperate for anything that isn’t another godforsaken meme coin.

Warning lights: Cardano’s 24-hour trading volume still trails Solana by a country mile. Institutional money? More like ’degenerate gamblers chasing the next dopamine hit.’

On May 9, the price broke out of a strong resistance zone at $0.75. This particular zone has kept ADA stuck since March 9. The daily closing price hit $0.7774, pushing past the 23.60% Fibonacci level at $0.7593.

During its long sideways consolidation, ADA formed a chart pattern known as an inverted head and shoulders. This is often seen as a sign of a trend reversal. The breakout from this pattern points to a price target of $1.08. That level also matches the 50% Fibonacci retracement level, with a possibility of surging by 30%.

Meanwhile, the price has also moved above the 200-day EMA, which shows long-term strength. The 50, 100, and 200 EMAs are now turning upward, and we might see a crossover soon. 

In addition, open interest in ADA futures ROSE 2.76% to $969 million, according to Coinglass. The funding rate is over 0.011%, showing more long positions. Binance traders seem very confident as 75% of ADA accounts on the platform are betting on higher prices.

Also Read: Peter Schiff Warns Strategy of Huge Loss Amid $1.34B Bitcoin Buy