Cardano Price Prediction: ADA Breakthrough Imminent, Trading Opportunities Arise

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Cardano (ADA) is testing a key resistance level, showing strong bullish potential and providing traders with important trading opportunities.

Technical Analysis and Market Performance

Recently, ADA has remained above the 20-day, 50-day, and 200-day EMA, indicating a strong bullish trend. The daily chart shows that ADA is approaching a classic bullish flag pattern.

Resistance Level: $1.03. If broken, this target may be raised to $1.21.

Support Level: $0.80. If broken, it may retrace to $0.62 (200-day EMA).

Current RSI is 52, moderately bullish. Breaking the midpoint will further enhance bullish confidence.

Trading Volume and Derivatives Data

In the past 24 hours, trading volume surged to $1.7 billion, with prices rising 12%, indicating a significant increase in market participation. Derivative open interest grew by 16.63% to $739.86 million, showing a clear bullish inclination.

Trading Recommendations

Breakout Strategy:

If the price breaks above $1.03, the target price is $1.21, with a stop loss set at $0.98.

Retracement Strategy:

If it breaks below $0.80, watch for support at $0.62.

As market sentiment improves, ADA may experience a key breakthrough; traders should closely monitor the movement of resistance levels.

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