Cardano is consolidating with strong bullish momentum. Can ADA break out and hit $0.99? Key support and resistance levels to watch!
Cardano Shows Strong Bullish Sentiment
Cardano (ADA) has been consolidating, but signs point to a potential breakout. Investor confidence is rising, with more funds flowing into the cryptocurrency. If market conditions remain favorable, ADA could surge higher in the coming weeks.
One key indicator supporting this bullish outlook is the Mean Coin Age metric, which has increased recently. This suggests long-term holders (LTHs) are holding onto their ADA instead of selling, reducing available supply. When fewer coins are sold, buying pressure increases, setting the stage for an upward move.
Technical Indicators Support Cardano’s Rally
Cardano’s technical indicators also signal growing strength. The Chaikin Money Flow (CMF) has been rising sharply, indicating increased capital inflows into ADA. A higher CMF suggests strong demand from traders and investors, reinforcing expectations of a breakout.
With growing buying pressure and reduced selling activity, ADA seems well-positioned for a price surge. Investors appear to be betting on a significant move upward, and the technical setup supports this outlook.
Can ADA Break Out and Reach $0.99?
Cardano is currently breaking out of a descending wedge pattern, a bullish formation. Based on historical trends, this pattern could trigger a 26% rally to $0.99 if key resistance levels are breached.
🔹 Key resistance level: $0.85 – Flipping this into support would confirm the bullish breakout.
🔹 Support levels to hold: $0.77 and $0.70 – Losing these could invalidate the bullish setup.
If ADA maintains momentum and holds above $0.77, the rally could continue. However, failure to do so may lead to a drop back to $0.70, delaying any breakout attempts.
