Cardano (ADA) is trading around $0.6759, holding above a key support zone at $0.58–$0.61, aligned with the 0.786 Fibonacci retracement level.

A potential reversal pattern is forming, with upside targets at $1.0463, $1.2145, and $1.3984 if the breakout confirms.

A breakdown below the critical support zone could invalidate the bullish setup and lead to increased selling pressure.

Cardano (ADA) is on the verge of a breakout and experiencing a surge in its price with the overall market after several weeks of market volatility triggered by macro factors. Now the ADA is forming a reversal pattern and moving towards a very important Fibonacci retracement. Both traders and investors are closely watching the this coin to recover the losses from the recent prolonged volatility. If a successful breakout occurs, it will lead to a maximum target around the $1.39 area.

At the time of writing, ADA is trading at $0.6759 with a 24-hour trading volume of $481.26M and a market capitalization of $23.89B. The ADA price over the last 24 hours is up by 1.53%, and over the last week it has been stable and showing high potential for the next major rally.

Source: CoinMarketCap

ADA Targets $1.39 After Holding Above 0.786 Fib Support

A prominent crypto analyst highlighted that Cardano (ADA) is currently trading near $0.6626, showing signs of consolidation above a critical support zone between $0.58 and $0.61. This level coincides with the 0.786 Fibonacci retracement, which is a technical zone often associated with market reversal points. The fact that ADA remains above this historically significant area indicates that the asset might be poised for its next big move since traders are trying to figure out if this level is a strong enough support point to trigger a rebound.

Consolidation seems to have laid the ground for a possible bullish breakout. If the support holds, then ADA should climb toward higher resistance levels. The key upside targets are $1.0463, which is considered a psychological and technical barrier, followed by $1.2145 and $1.3984, both of which coincide with the major Fibonacci extension levels and highs from previous price action. Stabilization above support is positive while wider market conditions appear to be changing for the better.

Source: X

However, the danger is still there if ADA does not keep the support range of $0.58–$0.61. A break below this crucial zone would probably invalidate the bullish outlook and could introduce selling pressure again. Traders are watching this area very closely, as any significant move below it would shift sentiment and necessitate an overhaul of short- to mid-term tactics. Volume, momentum indicators, and daily closing prices will be critical for the next few days.

Related Reading: Ethereum May Soon Break Out of a Bull Flag Pattern Shown on its Daily Chart

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Filed under: Bitcoin - @ June 9, 2025 5:00 am