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Cardano is eyeing a breakout above a key resistance zone, signalling a breakout. Is ADA’s rally on the horizon?
Cardano has surged 1.2% in the past 24 hours, with a 51.55% increase in trading volume. This comes after weeks of price consolidation in a descending parallel channel formation on the 3-day chart. ADA is currently showing strength while pushing toward the $0.74 key resistance level, aiming to retest and break above the upper boundary of this pattern.
What’s Fuelling ADA’s Bullishness?
Recent Polymarket data hint at a 52% chance of Cardano ETFs approval in 2025 by the U.S Securities and Exchange Commission (SEC). Looking at the technical indicators, the MACD (12,26), short-term and mid-term moving averages signal “buy”, as of press time.
This is indicative of strong bullish momentum and heightened buying pressure among traders. According to Crypto analyst Ali Martinez on X (formerly Twitter), if the momentum holds, ADA could break past the $0.7,4, aiming for $0.88 in the short term. Traders are closely monitoring momentum around this resistance zone to determine their next moves.
