this time it has to set a fresh record high

Cardano ($ADA ) has surged above its 100-day Simple Moving Average (SMA), a significant technical breakthrough that has revived market confidence and bullish momentum. This breakout positions ADA to challenge the $1.25 resistance level, marking a potential turning point in its upward trajectory.
Technical Overview: Why This Breakout Matters
The breakout above the 100-day SMA is a critical signal for buyers, often marking the start of prolonged bullish trends. This upward move has drawn additional buying activity, as it signals that market sentiment is shifting in ADA’s favor. However, the road to $1.25 may not be straightforward, as resistance levels above the current price could test the rally's strength.
Key Levels to Watch:
Support: $1.05 (Breakout level), $0.91 (Possible retest level if the rally fades)
Resistance: $1.15 (Short-term resistance), $1.25 (Key psychological level)
Indicators Confirm Bullish Momentum
1. RSI Momentum: The Relative Strength Index (RSI) has climbed to 78%, indicating strong buying pressure and bull domination. However, caution is warranted as this level also signals overbought conditions, which may lead to short-term corrections.
2. Volume Surge: Increased trading volumes are confirming the breakout, supporting the bullish case for ADA to continue higher.
What’s Next for $ADA ?
Bulls aim to clear $1.15, the next immediate resistance level, and drive the price toward $1.25. A successful move past $1.25 would likely boost market confidence, setting the stage for a sustained uptrend. However, bears could still counterattack, particularly if external market forces or sentiment shifts.
Caution Ahead: While $ADA is in a strong uptrend, sustained growth beyond the 100-day SMA is essential for a long-term reversal. A failure to maintain these levels could result in a pullback to $1.00 or even a retest of $0.91.
Conclusion
Cardano's climb above its 100-day SMA signals a bullish shift, with $1.25 now in focus. While momentum is strong, resistance levels and market conditions will determine the longevity of this rally. Traders should watch for sustained volume and support above $1.10 as key indicators of continued bullishness.
#Cardano #ADA #CryptoTrading #BIOOpenonBinance