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Cardano Breaks Key Resistance at $0.74, Analysts Eye Rally Toward $1.20, Here’s Why It Matters Now
Cardano breaks $0.74 resistance, setting stage for a potential rally toward $0.90–$1.20 range.
ADA's price gains 29% in a week, outperforming all top 12 cryptocurrencies by market capitalization.
Analysts watch $0.749 and $0.8442 levels as key targets amid strong investor confidence and ecosystem growth.
Cardano (ADA) is showing strong momentum after breaking above a long-standing resistance near $0.74. The asset has gained over 6% in the last 24 hours, reaching $0.7419 at press time. This price movement could pave the way for a rally toward the $0.90–$1.20 range.
Price Action and Technical Levels
Cardano’s native token has been trading within a descending channel since December 2024. It recently broke out of this structure, with the price jumping to a two-and-a-half-month high of $0.777 before stabilizing around the $0.74 resistance level.
According to analysis prepared by Ali Martinez, ADA’s breakout is critical as it challenges the 200-day simple moving average at $0.749. This level previously acted as a barrier, and a clear break above it could confirm the continuation of an upward trend.
Fibonacci retracement levels on the ADA/USDT chart also suggest bullish conditions. The 0.618 level at $0.6286 acted as strong support, while the next key Fibonacci target stands at $0.8442. According to an observation by Martinez, ADA’s movement above the 0.618 ratio increases the chances of a sustained rally.
Market Sentiment and Ecosystem Growth
ADA has gained around 29% in the past week, making it the top-performing asset among the 12 largest cryptocurrencies by market capitalization. This performance follows a surge in investor confidence and broader crypto market optimism.
Source: CoinMarketCap
Cardano’s circulating supply stands at 35.38 billion tokens, with a market cap of over $26 billion. Meanwhile, founder Charles Hoskinson has predicted a major inflow of capital into the altcoin space, saying, “We are going to see $250,000 Bitcoin and trillions enter the space for the alts.”
According to a recent proposal by Input Output Global (IOG), Cardano plans to use $100 million worth of ADA to enhance its DeFi ecosystem. Network upgrades and expanding development have also played a role in ADA’s rising price and investor interest.
The post Cardano Breaks Key Resistance at $0.74, Analysts Eye Rally Toward $1.20, Here’s Why It Matters Now appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.