The post Key Cardano Price Levels to Watch Amid Channel Breakout, $3.7M Short Squeeze appeared on BitcoinEthereumNews.com.

Cardano (ADA) price is gaining alongside the broader crypto market, and is eyeing a move past $1 after a major short squeeze. Amid these gains, ADA teases to overcome a crucial resistance level as a breakout from a bullish channel hints towards more gains. Cardano (ADA) Price Today Cardano price trades at $0.78 at press time with an impressive 10% gain in 24 hours and an intraday high of $0.81. During this period, ADA has added more than $3 billion to its total market cap. ADA/USDT: 4-Hour Chart ADA’s rally today, May 9, follows a surge in buy-side activity as data from CoinMarketCap shows that trading volumes have risen by 101% to $1.6 billion. This increase hints that Cardano may reach $1 if it can overcome the resistance level of $0.85. Key Levels to Watch in ADA Price The main level to watch as Cardano price rallies is the 200-day SMA of $0.78. ADA attempted a breakout from this level on Friday after hitting a multi-week high of $0.81 before facing a swift rejection. Traders should watch if the altcoin can make a decisive close above it to confirm that the upward trend will continue. The other key ADA level to watch is the upward sloping resistance of the parallel channel. Just like with the 200-day SMA, Cardano needs to turn this resistance line into a strong support that will sustain its bullish momentum. Once ADA overcomes this resistance level and flips the 50% Fibonacci level of $0.84, a rally towards $1 will ensue, which will spark a bullish Cardano price forecast. ADA/USDT: 1-day Chart Conversely, key support levels below the current price will also form the case of whether ADA extends gains. The main key support level to watch is the 50-day SMA of $0.67. If it slips below…

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Filed under: News - @ May 9, 2025 6:28 pm