Cardano (ADA) Targets Breakout as Key $0.66 Support Holds; Bullish On-Chain Signals and Technical Patterns Indicate Potential for $1 Rally

Cardano (ADA) is showing signs of a potential price breakout after a period of consolidation and a 16% decline over the past month, driven by global macroeconomic uncertainty and weakening investor sentiment. Despite this, ADA held above the short-term support at $0.65–$0.66, with trading volume surging 36% in the past 24 hours and a minor price uptick. Key technical indicators—including the 20, 50, and 200-day SMAs, Heikin Ashi candles, and a recent breakout from a falling wedge pattern—suggest selling pressure is easing. On-chain metrics, particularly the Market Value to Realized Value (MVRV) ratio, indicate a shift from short- to long-term holders, historically hinting at reduced sell pressure and potential for recovery. For immediate upside, ADA must maintain above the $0.66 support while seeing further gains in trading volume to confirm a bullish trend. A daily close above the $0.72–$0.76 resistance could propel ADA toward the $0.80 and potentially the $1 mark, especially if a golden cross forms between the 9-day and 21-day EMAs. Downside risks remain if ADA breaks below $0.65, with potential declines to $0.60 or $0.52. Long-term prospects hinge on broader adoption of Cardano and crypto market expansion, which could pave the way for significantly higher valuations. Traders should monitor the $0.66 support, volume spikes, and technical signals for confirmation of a trend reversal.