Cardano (ADA) Price: Bulls Eye $1.30 Target as Cryptocurrency Repeats Historical Pattern
TLDR
First community-approved treasury funding for Cardano core upgrades has been recorded
73% of voters supported Input Output Engineering’s development proposal
ADA price rose 5% to $0.7265 following the vote results
Cardano is retesting the key $0.74-$0.76 resistance area after recovering from local lows
Analysts predict potential 85%-120% rally if ADA breaks above $0.80
Cardano has marked a historic milestone with its community approving the first-ever funding proposal to support core upgrades within the ecosystem. The vote, which took place on August 3, saw more than 73% of participants supporting Input Output Engineering’s roadmap for the blockchain’s next growth phase.
This development has given ADA a price boost, with the cryptocurrency trading at $0.7265, up 5% in 24 hours. The market capitalization moved to $25.65 billion, while daily trading volume increased to $1.01 billion.
The approval has opened a new chapter in Cardano’s governance model since the launch of the Chang hardfork upgrade. For the first time, funding for core upgrades was granted directly through a public vote, unlocking funds from the Cardano Treasury.
Input Output Engineering (IOE), a part of Input Output Global, created the proposal. It outlined several updates aimed at improving the network, including system upgrades and tools for long-term growth.
Prior to this breakout, the price of Cardano had slipped below the $0.7 support zone. This approval demonstrated that the community can now take an active role in deciding how key funds are used.
Community Governance in Action
Following the treasury vote, another proposal by the Snek community also came into focus. Snek, a memecoin on the Cardano network, asked for 5 million ADA from the treasury to fund exchange listings.
Charles Hoskinson, Cardano’s founder, suggested the funding could be structured as a bond that repays the treasury with interest over three years. He made it clear that listing fees for any project would not be covered by public funds.
According to data from CoinMarketCap, Snek records over $2 million in daily trading volume. Some believe this gives the project enough liquidity to follow a bond-style plan.
The Snek proposal has sparked debate within the community about what types of projects should receive treasury funding. Hoskinson’s comments stressed the need for financial responsibility while supporting the Snek community.
Technical Analysis Points to Potential Breakout
Cardano is currently retesting a key resistance level that could send the price to the next crucial barrier. After recovering from its local lows, ADA has surged 8.8% from Friday’s low, retesting the $0.74-$0.76 area throughout this week.
The cryptocurrency has been hovering between the $0.65-$0.85 price range since the Q2 market recovery, briefly losing this area during the June pullback. The July market pump sent the altcoin to a four-month high of $0.93, sparking bullish sentiment among investors.
Market watcher Sebastian noted that ADA has repeatedly retested the $0.76 zone over the past few days, suggesting that “the more it tests it, the higher the likelihood to break it.”
Following today’s performance, the altcoin has reclaimed the 50-day Moving Average indicator and eyes a retest of the $0.76 resistance. A breakout from this level would set the stage for a retest of the next crucial area between $0.79 and $0.80.
Some analysts suggest that Cardano is preparing for a massive rally. Analyst Ali Martinez highlighted that the cryptocurrency has been trading within a descending channel since its December 2024 high of $1.32.
Reclaiming the $0.76 level could propel the altcoin to the channel’s resistance, and a breakout above $0.84 could set Cardano on a path toward $1.30.
Another analyst, Crypto Bullet, stated that Cardano has been following a pattern over this cycle. Per the chart, the cryptocurrency has been trading down for months before breaking out and reaching new local highs.
Last month, the cryptocurrency broke out of its eight-month downtrend, targeting a rally toward the $1.60 area. Now, ADA is retesting the descending resistance line, which could set up the stage for a 120% jump if the breakout is confirmed.
As of this writing, Cardano is trading at $0.74, a 3% increase in the daily timeframe.
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Filed under: Bitcoin - @ August 7, 2025 9:28 am