Cardano ADA Surges Past $0.74, Poised for $0.85 Rally
Cardano ADA has formed a bullish double bottom and broke through the key $0.74 resistance on July 16. The move followed Emurgo’s launch of the Cardano Card payment solution on July 15, which drove a 38% rise in active addresses to 38,500. Total value locked in DeFi protocols jumped 93% to $438 million. ADA’s price gained 2.17% to $0.74, lifting its market cap to $26.3 billion and 24-hour volume to $1.34 billion. A golden cross on the 20-day and 50-day moving averages supports further upside. On the 4-hour chart, ADA trades above the 20-day SMA at $0.7361, tests the upper Bollinger Band at $0.7607, and holds an RSI of 58.6. Positive funding rates and an altcoin season index of 34, combined with compressed volatility, suggest a near-term target of $0.85. Key resistance at the $0.76 neckline sits atop a $1.03 Fib projection from a 78.6% retracement.
Bullish
Cardano ADA’s move through the $0.74 resistance and formation of a bullish double bottom, reinforced by a golden cross, signals strong technical momentum. Rising TVL and active addresses reflect growing on-chain demand. Positive funding rates and compressed volatility indicate increased trader confidence. In the short term, ADA may test $0.85, while the $1.03 Fib target looms if $0.76 holds as support. Overall, these developments point to a bullish trend for ADA in both immediate and extended timeframes.