ADA Surges 39% on Breakout, Hoskinson Denies Scam Claims
Cardano’s ADA price surged above a seven-month descending trendline and key resistance at $0.70, climbing 39% in July to around $0.75. Founder Charles Hoskinson publicly denied recent scam allegations, reinforcing community confidence. The breakout, confirmed by a 24-hour trading volume of $1.31 billion and rising on-chain activity, tested the $0.78–$0.80 zone. Technical indicators—an RSI above 70 and a bullish MACD crossover—support further upside toward $0.84 and the psychological $1 level, with Fibonacci targets as high as $2.76. However, overbought RSI levels could spark a short pullback to supports at $0.66 and $0.60. ADA/BTC rebounded from 0.00000500 to 0.00000635 BTC, maintaining a 0.92 correlation with Bitcoin’s support around $119 000. A drop below $118 000 in Bitcoin could stall ADA’s rally. Market sentiment remains bullish, with over 70% long positions on major exchanges. With a market cap above $27 billion and developments like the Reeve middleware platform, ADA’s fundamentals remain strong. Traders should monitor ADA price for a close above $0.82 to target the next resistances at $1.08 and beyond.
Bullish
The news highlights a clear technical breakout above a long-term descending trendline and key resistance at $0.70, supported by rising volume and on-chain activity. Positive technical indicators (RSI >70, bullish MACD) and a strong market sentiment—evidenced by over 70% long positions—underscore continued upward momentum. Founder Charles Hoskinson’s denial of scam allegations boosts investor confidence and reduces uncertainty. While overbought RSI levels suggest a short-term pullback risk to $0.66–$0.60, the overall trajectory points higher toward $0.84, $1.00 and Fibonacci targets up to $2.76. Correlation with Bitcoin support around $118 000–$119 000 adds another layer of conditional strength. Traders are likely to remain bullish if ADA sustains its breakout and Bitcoin holds its support levels.