- Cardano is consolidating between $0.66 and $0.77, with a potential breakout targeting the $1 mark.
- Cardano’s bullish sentiment has hit a four-month high, signaling growing optimism among investors.
Cardano (ADA) is gearing up for a potential breakout as social sentiment surrounding the cryptocurrency improves. With Bitcoin holding steady above $83,000, ADA remains range-bound but could soon make a decisive move. Can bulls push Cardano past the critical $1 mark?
Cardano’s Reversal Eyes Range Breakout Rally
ADA has been consolidating within a tight range between $0.66 and $0.77, reflecting a coiling price action on the 4-hour chart. The Fibonacci retracement levels further validate these zones, with the 38.2% and 50% levels aligning with the range boundaries.
The Bollinger Bands are squeezing due to this prolonged consolidation, signaling that a significant price move could be on the horizon. Moreover, Cardano faces resistance from the 20-day SMA, which acts as the midline of the Bollinger Bands. A potential bullish crossover in the MACD and signal lines suggests increasing momentum, but moving averages still indicate weak bullish strength.
Bullish Sentiments Hit 4-Month High
Despite the range-bound movement, the sentiment surrounding Cardano has turned highly positive. According to on-chain data from Santiment, Cardano’s bullish sentiment has reached its highest level in four months. For every negative comment on ADA, the market sees 3.5 positive mentions, a trend last observed between October 30 and November 6.
Cardano (ADA) Price Targets
If bullish sentiment translates into actual demand, ADA could break past $0.77 and aim for the 78.6% Fibonacci retracement level near the $1 psychological resistance. However, failure to sustain momentum could see Cardano retesting key support at $0.66, with further downside risk extending to $0.53.
As market conditions evolve, Cardano traders should closely monitor volume spikes and technical confirmations for a potential breakout. Will ADA finally breach $1, or will resistance levels keep it in check? Stay tuned for the next move!
