The post Cardano’s breakout: Examining if ADA’s $0.77 target is feasible appeared on BitcoinEthereumNews.com.

ADA broke a triangle pattern, surging past $0.68 with $0.77 as the next key resistance. Retail activity leads rally while whales remain cautious, funding rates support bullish continuation. Cardano [ADA] has broken out of a symmetrical triangle pattern after several weeks of compression, surging past the $0.65 resistance zone on increasing bullish momentum.  This move comes after an extended period of sideways price action, where ADA respected both ascending and descending trendlines. At the time of writing, ADA traded at $0.696, marking a 0.43% gain in the past 24 hours. The breakout holds structural importance, aligning with the 1.618 Fibonacci extension level at $0.684, which has now flipped into support. The $0.711 level serves as the immediate resistance, standing between ADA and a move toward $0.77. The Fibonacci confluence near $0.77, particularly at the 2.618 extension zone, offers a logical short-term price target. If bullish momentum continues, traders may attempt to reclaim this psychological and technical level in the upcoming sessions. Source: TradingView ADA transaction activity – Are retail traders leading the charge? A closer look at transaction count by size reveals that smaller transactions are dominating the current trend. Transfers below $1 have increased by 250%, signaling a dramatic surge in retail activity. In stark contrast, large transactions exceeding $100k have dropped significantly, with declines ranging from 60% to nearly 87%, depending on bracket size. This dynamic suggests the current leg up is being powered primarily by smaller retail participants rather than institutional capital. While this reflects growing grassroots interest in ADA, it also implies that whales and high-net-worth investors are still sitting on the sidelines.  Source: IntoTheBlock ADA spot market positioning – Balance favors cautious optimism Spot flows, as of the 23rd of April, reflect closely matched market participation on both sides. Inflows totaled $26.26 million while outflows…

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Filed under: News - @ April 23, 2025 12:25 pm