Market-Shaking Rally Pushes ADA Past $1
In a stunning market development, Cardano (ADA) has skyrocketed over 60% following Trump’s unexpected crypto reserve announcement, outperforming major cryptocurrencies and reaching levels not seen since early 2024. The dramatic surge has pushed ADA from its support level of $0.580 to a remarkable high of $1.1577.
Technical Analysis Shows Bullish Momentum
The rally’s technical indicators paint a decisively bullish picture:
- Price currently trading above both $1.00 and the 100-hourly SMA
- Formation of a contracting triangle with resistance at $1.1450
- MACD showing strong bullish momentum
- RSI maintaining position above 50, indicating sustained buying pressure
Key Support and Resistance Levels
Traders should watch these critical price levels:
Support Levels:
- Primary: $1.040
- Secondary: $1.000
- Tertiary: $0.900
Resistance Levels:
- Immediate: $1.1450
- Key Breakout: $1.150
- Target: $1.250
Market Implications and Future Outlook
The surge comes at a crucial time for the cryptocurrency market, with Cardano’s performance potentially signaling a broader altcoin season. Market analysts suggest this could be the beginning of a sustained rally, with potential targets extending beyond $1.250 if current momentum maintains.
However, traders should remain cautious of potential retracement, with strong support established at $1.040. A break below this level could trigger a cascade to $0.90, though current market sentiment remains overwhelmingly bullish.
Source: NewsBTC