Key Insights:
- Cardano targets a breakout above $0.66, with long positions surging to 57%, signaling potential bullish momentum.
- ADA’s current market price is around $0.6327, showing intraday recovery, with a potential upside to $0.76 if the breakout holds.
- Cardano’s open interest remains steady at $639M, indicating strong bullish sentiment in the derivatives market.
Cardano price has fluctuated in a range as it prepares for a breakout. In particular, the focus is on the $0.66 level, a critical point for the token’s price trend.
Current technical patterns suggest that the ADA price may rise. Based on past market movements, it could reach $0.76.
Cardano Price Targets $0.66 Breakout
Cardano price has demonstrated bullish signals in the last few days as it approached the critical $0.66 resistance threshold. ADA is facing key resistance around $0.66, which is hindering its ability to break through this level.
If ADA breaks through the $0.66 resistance level, it may trigger a substantial price rise for the upcoming cycle. Notably, recent Coinglass data has shown long position activity growing steadily in the last hours before reaching an impressive 57% level.
The rising number of traders taking long positions indicates positive momentum for the cryptocurrency. It may demonstrate their readiness for an upcoming breakout above the key resistance level.
In addition, Cardano and other cryptocurrencies have been affected by recent market-wide volatility in the broader cryptocurrency market. ADA price could reach $0.76 after sustaining its breakout beyond $0.66, affirming its bullish trend.
ADA Price Shows Intraday Recovery
According to the latest data, the Cardano price was trading at a market price of $0.65. This reflected a 3.35% intraday recovery. The token has held steady between $0.60 and $0.64. Its upward breakout signaled a potential return of bullish strength.
ADA price has strong potential for a surge if it breaks above the essential $0.66 resistance point. Additionally, the 4-hour chart has shown a bullish breakout from a triangle formation. This began during the pullback in late March.
The price surged after a brief recovery on Monday. However, the broader market’s inability to maintain momentum led to significant resistance above $0.64. This resistance caused a swift pullback, allowing the price to retest the triangle formation.
A bullish engulfing candle pattern with morning star characteristics appeared on the ADA price chart. This suggested a price reversal after the previous retesting period.
Furthermore, Bollinger Bands expanded after they had contracted briefly, indicating that bullish price action could continue. Cardano price must break past the resistance at $0.66, as guided by Fibonacci levels.
If it recovers to its target level, further gains toward $0.76 may follow. The main support comes from the 38.2% Fibonacci level at $0.60, while an additional supporting layer exists at $0.57.
Analyst Crypto Patel expects a bullish ADA price trend, highlighting support at $0.45. He also identified an accumulation range between $0.65 and $0.45.
The analyst predicts ADA could hit $2, $4, and $6. This outlook is based on its past movements within a rising channel.
The support levels combined with a stable consolidation period indicate that Cardano has potential for an extended upward momentum that may drive the price up.
Open Interest and Market Sentiment Suggest Bullish Trend
Moreover, Cardano market sentiment also depends strongly on its open interest data. ADA futures contracts receive sustained investor interest as demonstrated by their current $639 million open interest.
Market engagement and confidence in the Cardano price growth prospects can be seen through the consistent level of open interest.
Additionally, the funding rate of 0.0035% further supports the idea of a bullish market outlook for ADA. An increasing funding rate means ADA futures holders compensate short sellers.
This trend suggests a bullish market sentiment. The overall sentiment in the derivatives market is favorable for Cardano, implying that traders expect price increases in the short term.