Cardano (ADA) is showing strong bullish signs as it trades around $0.88, supported by a rising trendline and strong market activity. The price is approaching the crucial $1.00 resistance zone, which has acted as a ceiling in past attempts. If bulls break through this level, a rally toward $1.20 could follow.
Cardano breakout zone confirmed between $0.90 and $1.00
The technical chart highlights a breakout structure forming between $0.90 and $1.00. ADA has maintained higher lows since June, with solid volume and momentum pushing it higher.
The ascending support line remains unbroken, reinforcing the current trend. A daily close above $1.00 could set the stage for a strong continuation toward $1.20.
Immediate support lies at $0.70, which previously capped price pullbacks. A deeper correction may find footing at $0.63, the base from which the latest rally emerged. As long as ADA holds above these zones, the bullish trend remains intact.
Futures data shows rising confidence in ADA rally
According to data from Coinglass, ADA’s trading volume has jumped by 67.58%, reaching $3.54 billion. This spike in volume signals fresh buying pressure from traders and investors. The surge aligns with the recent breakout and suggests growing market conviction.
Cardano’s open interest has increased by 6.10%, now sitting at $1.65 billion. Rising open interest with rising price generally reflects healthy market participation. Traders appear to be positioning for a sustained move higher.
The OI-weighted funding rate stands at 0.0181%, showing moderate bullish bias without over-leverage. This indicates that long positions are building without putting the market at risk of a sharp liquidation, keeping the rally on stable ground.
ADA eyes $1.20 if $1.00 breaks cleanly
Cardano is at a key turning point. With solid support from technical levels and strong futures market backing, ADA looks well-positioned for a push toward $1.20.
However, while technicals highlight a breakout structure forming between $0.90 and $1.00, market analysis, including CoinLore analysis, highlight that ADA must remain above $0.8786 to have a chance of climbing toward the initial resistance point at $0.9735. If it successfully surpasses this threshold, the price could then target the next resistance at $1.02, with a third key resistance level positioned at $1.08, which could offer a chance of climbing towards $1.20.
On the downside, if ADA falls below $0.8786, the next area of support lies at $0.8279, indicating a potential for further losses if this level fails to hold.