- Cardano price breaks $0.84 resistance, targeting $1.30 as bullish momentum builds.
- ADA price support at $0.7548 signals potential recovery toward $0.786.
- The derivatives market favors long positions, but overall volume drops 25.17%.
Cardano price recent price action has shown a strong upward trend, with the cryptocurrency breaking above the $0.84 resistance level. This breakout has fueled expectations that the price could potentially target the $1.30 mark in the coming weeks. Market participants are keeping a close eye on ADA movements as the price action reflects growing bullish momentum in the market.
Bullish Momentum Drives Cardano Price Surge
Cardano price recent rally above the $0.84 mark has generated excitement, fueled by positive sentiment and market confidence. The price had been fluctuating within a descending channel, showing higher highs and lows until facing rejection near $0.84 in July.
Since then, the price pulled back, potentially respecting the bearish channel structure. According to Ali Chart, a breakout past $0.84 could push ADA toward $1.30, the next major resistance.
Fibonacci retracement levels show key support at the 0.618 level around $0.7548. A bounce here may signal a short-term recovery toward $0.786 at $0.6526. Key support levels are also at $0.7252 and, if the price drops further, at $0.6800 and $0.5422.
Source: Ali Chart/X
If Cardano price holds above $0.84, it could continue its bullish trend towards $1.30, with Fibonacci levels providing insight into potential pullbacks and support zones.
Cardano Derivatives Data Analysis
The derivatives market shows a positive outlook for ADA price, with a slight bias toward long positions. Data from Coinglass reveals higher long-to-short ratios, suggesting cautious bullish sentiment. However, overall market activity has slowed, with a 25.17% drop in volume, signaling reduced investor interest or hesitation.
Open interest is slightly down by 0.18%, reflecting stable market sentiment, while options volume has dropped sharply by 92.94%, indicating lower speculation and uncertainty. The liquidation data presents a mixed view, with both longs and shorts facing significant liquidations, which suggests potential volatility.
Source: CoinGlass
Despite this, ADA price remains poised for further upside if it can maintain support above $0.84. The $1.30 resistance level is now in focus, and ADA price movement will depend on whether it can sustain its current support.
Read Also:
