Cardano Price Breaks Out From Consolidation, Targets Rally To $1.20
The post Cardano Price Breaks Out From Consolidation, Targets Rally To $1.20 appeared on BitcoinEthereumNews.com.
After nearly two months of sideways trading, Cardano (ADA) price broke above the $0.74 resistance level, confirming a technical breakout that may pave the way for a price rally toward $1.20. This bullish momentum is supported by increased derivatives activity, a surge in staking, and strong market interest that has pushed ADA’s price close to $0.80 as of press time. Cardano Price Movement and Technical Confirmation Cardano’s price has risen by over 20% from its recent seven-day low of $0.6425. It crossed the $0.74 resistance level with a daily close at $0.7693. This zone had held as resistance for nearly two months and coincides with the 61.80% Fibonacci retracement level. The breakout above this point signals renewed buyer strength and invalidates the prior consolidation range. Analysts from Rose Premium Signals note that ADA broke out of a bullish flag pattern that began forming in November 2024. The pattern’s breakout suggests a potential reversal in trend, with near-term targets set at $0.7192, $1.0490, and $1.4022. The current price action is also retesting the $0.74 zone as new support, reinforcing the bullish setup. Source: X Cardano price closed above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). That is a structure often associated with sustained upward trends. The MACD indicator also shows a bullish crossover, which may support the price’s continuation toward higher levels. Derivatives Activity and Open Interest Surge Cardano’s open interest has exceeded $900 million, signaling increased leveraged trading. With a neutral funding rate of 0.0103%, longs and shorts are balanced. This setup often leads to sharp price moves, as traders prepare for a breakout or breakdown in ADA’s price direction. Short liquidations that rose sharply between April 25 and May 9 have added fuel to the upward momentum as well. Analysts noted that as ADA’s price was rising,…
Filed under: News - @ May 12, 2025 2:17 am