📈 Cardano’s Breakout and Momentum:
Cardano (ADA) recently surged past the critical $1 resistance, signaling potential for further upside. This bullish move comes as the broader crypto market recovers, attracting new investments. ADA has formed a symmetrical triangle on the daily chart, a pattern often linked to bullish breakouts. Current key support lies at $0.9168, providing a strong buying opportunity for traders.
🎯 Price Targets for Cardano:
If momentum holds, ADA could reach targets of $1.4594, $1.7574, and $2.0387, offering potential gains of 37.7%, 65.9%, and 92.5%, respectively. A breakout above $1.05 could push ADA toward $2.00 and possibly its all-time high of $3.10 in the long term.
📊 On-Chain Indicators Support Rally:
Key metrics show reduced selling pressure. The Network Realized Profit/Loss metric indicates most short-term sellers have exited, while the 30-day MVRV ratio, now below neutral, suggests reduced profit-taking and room for price recovery. These trends hint at easing market dynamics, enabling further upward movement.
💹 Technical Indicators Signal Strength:
The MACD shows a potential reversal, and the Chaikin Money Flow (CMF) at 0.17 highlights strong capital inflows into ADA. Coupled with Bitcoin hovering above $105k and Ethereum near $3,900, market optimism could fuel ADA’s rally.
⚠️ Risks to Watch:
If bearish sentiment emerges, ADA might face a correction below $1. However, the recent surge and strong market sentiment position Cardano for continued growth, with $2.04 as a realistic mid-term target.
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