Cardano Blasts Past $0.70—Next Stop $0.88 as Bulls Take Control

ADA defies gravity with a 15% weekly surge, leaving skeptics scrambling. The ’Ethereum killer’ finally waking up—or just another dead cat bounce?

Technical breakout: The $0.70 resistance crumbled overnight. Traders now eyeing the 2024 high of $0.88, though on-chain data shows whales might be playing pump-and-dump games.

Wall Street analysts mutter about ’speculative froth’ while quietly adding ADA to their personal portfolios. Classic.

• Cardano jumped over $0.70 for the first time since March, gaining 11% in one week.
• Trading volume surged 15% to $824.15 million, with rising investor interest and bullish positioning.
• A key resistance at $0.74 looms, while technical signals hint at a potential breakout toward $0.88.

Cardano has made an impressive recovery, pushing its price above $0.70 for the first time since March. This upward movement has drawn strong attention from market watchers, fueling talks of an even bigger rally. Over the past seven days, Cardano’s price has risen more than 11%, showing growing investor excitement.

Trading activity has also surged, with volume spiking 15% in the past 24 hours to reach $824.15 million. This pickup in volume hints that buying pressure is increasing as the market warms up to Cardano’s potential. Analysts believe that this rally is not just a short-lived jump, but possibly the start of something bigger.

Crypto analyst Ali Martinez noted that Cardano is nearing a critical resistance at $0.74. With ADA currently trading at $0.715, a breakout above this level could pave the way toward $0.88—representing a potential gain of approximately 23%.

Cardano $ADA is approaching a major test at $0.74. A breakout above this level could pave the way for a move toward $0.88.”

Cardano Derivatives Show Strength

At the same time, Cardano is gaining strength in the derivatives market. Long positions have picked up pace, now accounting for 49.18% according to CoinGlass. The long-to-short ratio sits at 0.9658, reflecting a shift toward a more bullish stance.

While short positions still slightly outnumber longs, the bulls are gaining traction. Compared to April 27, when long positions made up 47.95%, today’s numbers mark an uptick in bullish sentiment. This could be a sign that a larger trend reversal is on the way.

Backing this sentiment, open interest in Cardano has climbed 1.72%, hitting $796.89 million. The funding rate also remains positive at 0.0046%, reinforcing the market’s growing optimism.

Technical Charts Signal Possible Breakout

Cardano’s technical indicators are lining up in its favor. A Golden Cross pattern has appeared on the 4-hour chart, which happens when a short-term moving average crosses above a long-term moving average. This is often taken as a sign that prices might continue climbing.

ADA has also moved above its 200-day Exponential Moving Average (EMA), a breakout that may signal renewed bullish momentum and potentially drive the price higher. Meanwhile, the Relative Strength Index (RSI) is at 59, indicating strong momentum as it remains well above the neutral 50 level.

Further support comes from the Moving Average Convergence Divergence (MACD), which flashed a bullish crossover last week. This provides a buy signal and strengthens the case for a possible continuation of the upward trend.

However, risks remain. If Cardano’s daily candlestick closes below the key 61.8% Fibonacci retracement level at $0.66, the asset could fall back toward its April 22 low of $0.61. This would be a setback for bulls hoping for a steady rise.

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