- Cardano is showing strong bullish momentum with rising market participation and investor accumulation.
- Cardano could break above the $0.83 resistance level, potentially rallying toward the $1.00 mark.
Cardano (ADA) is showing strong signs of recovery. After facing selling pressure, buyers are stepping up. ADA’s price has formed an ascending triangle pattern, hinting at a bullish breakout. At press time, ADA trades at $0.7809, marking a 1.08% surge despite lower trading volume.
Rising Market Participation Fuels Optimism
ADA’s Open Interest has risen by 2.09% in the past 24 hours. The long-short ratio sits at a neutral 0.92, showing balanced market positions. Demand for long positions has increased, with the Weighted Funding Rate turning positive. Bullish exchange signals dominate, with a bid-ask volume of 68.09%. Investors appear to be accumulating Cardano as market sentiment improves.
Network Activity Mirrors Price Action
Cardano’s network has seen a rise in active addresses over the last 72 hours. This growth in participation aligns with ADA’s bullish price movement. Increased activity often signals stronger investor interest, further supporting the ongoing uptrend.
Technical Setup Points to Breakout Potential
ADA’s ascending triangle formation shows higher lows—a classic bullish pattern. If the momentum holds, ADA could break above the $0.83 resistance level. A successful breakout may push the price toward $0.90 and even challenge the $1.00 psychological barrier.
On the technical front, ADA’s 200-day Exponential Moving Average (EMA) stands at $0.7301, and its Simple Moving Average (SMA) is at $0.6547. Both lie below the current price, reinforcing the bullish outlook. The Relative Strength Index (RSI) at 44 indicates ADA is slightly oversold, suggesting more room for upward movement.
Cardano : What’s next?
If buying pressure continues, Cardano could surpass the $0.83 resistance level soon. Sustained bullish momentum may lead ADA to test the $0.90 mark and potentially rally toward $1.00. Traders and investors should watch for a breakout confirmation in the coming days.
