Cardano’s Recent Gains Suggest Potential for Continued Rally Amid Bitcoin’s Resistance Challenges

• Cardano’s daily trading volume surged by 74%, indicating strong market interest.

• Bitcoin is attempting to surpass the $117.5K resistance but has faced challenges.

• Technical indicators suggest Cardano could target $1.03 and $1.2 in the near future.

Cardano’s recent price surge raises questions about its sustainability as Bitcoin faces resistance. Explore the latest insights and analysis.

Will Cardano continue its rally regardless of BTC’s stalled momentum?

Cardano [ADA] has experienced a 4.88% price gain over the past 24 hours, indicating strong bullish sentiment. As Bitcoin [BTC] struggles to break the $117.5K resistance, many are questioning whether Cardano can maintain its upward trajectory.

What are the technical indicators suggesting for Cardano?

Using swing points from late June and July at $0.51 and $0.937, Fibonacci retracement levels indicate that the 61.8% retracement level at $0.673 was nearly retested as support. The June high at $0.73 has been reclaimed as support, showing bullish potential.

Source: ADA/USDT on TradingView

The bullish reaction from this area is encouraging. The Chaikin Money Flow (CMF) at +0.06 reflects significant buying pressure, while the MACD remains above the zero line, indicating a potential bullish crossover.

What are the next targets for Cardano?

Fibonacci extension levels at $1.03 and $1.2 are the next targets, aligning with strong horizontal levels from November to December 2024. This suggests that Cardano could see further gains if it maintains its bullish momentum.

Source: ADA/USDT on TradingView

On the 2-hour timeframe, Cardano is positioned at the $0.78 level, which previously served as resistance. The ADA bulls appear to have flipped this level to support, further validating the bullish outlook.

The Money Flow Index (MFI) and CMF support the notion that Cardano is strongly bullish in the short term. As long as it stays above the $0.755 level, it presents a good buying opportunity.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Key Takeaways

• Cardano’s recent price gain: 4.88% increase in the last 24 hours.
• Increased trading volume: Daily trading volume surged by 74%.
• Technical targets: Next targets are $1.03 and $1.2 based on Fibonacci levels.

Conclusion

In summary, Cardano’s recent performance showcases its potential for continued growth despite Bitcoin’s stalled momentum. With strong technical indicators and bullish sentiment, ADA could be poised for further gains. Investors should monitor key support levels and market trends closely.