Cardano Eyes $1.03 & $1.20 Targets as BTC Caps at $117.5K
Cardano (ADA) gained 4.88% in the past 24 hours, with trading volume surging 74% as BTC struggled to clear $117.5K resistance. ADA tested the 61.8% Fibonacci retracement at $0.673 before reclaiming the June high of $0.73 as support. On-chain metrics, including a Chaikin Money Flow (CMF) reading of +0.06 and a MACD above zero, signal continued buying pressure and bullish momentum.
Targets based on Fibonacci extensions and late-2024 resistance stand at $1.03 and $1.20. On the 2-hour chart, ADA flipped the $0.78 resistance into support, reinforced by the Money Flow Index (MFI) and CMF. Traders should watch the $0.755 support level for potential entries. If ADA maintains this level, further upside toward $1.03 and $1.20 becomes likely. Market participants will track BTC’s next move to assess the sustainability of this rally.
Bullish
In the short term, ADA’s significant trading volume surge and reclaiming of key support levels at $0.73 and $0.78, combined with bullish readings from the Chaikin Money Flow, MACD and MFI, indicate strong buyer interest and momentum. The Fibonacci extension targets of $1.03 and $1.20 align with historical resistance, suggesting clear upside potential. Over the longer term, sustained support above $0.755 and BTC’s ability to break current resistance will be critical for maintaining ADA’s rally. Given these bullish technical signals and market conditions, the outlook for ADA is positive.