Cardano price has recovered above $0.70, showing an 11-12% gain over the past week
A Golden Cross pattern has formed on the charts, suggesting further bullish momentum
Whale wallets now hold 35.5% of ADA supply, indicating strong accumulation
Probability of an ADA ETF approval has jumped to 51-70%
Price is testing the 200-day EMA, with analysts eyeing potential targets of $0.88-$1
Cardano has shown strong recovery signs in recent days, climbing above the $0.70 mark for the first time since March. The cryptocurrency’s price movement has caught the attention of traders and investors alike, as technical indicators suggest a potential rally toward higher price targets.
The ADA token is currently trading around $0.71, representing a daily gain of 2.04%. Over the past seven days, Cardano has gained between 11-12%, reflecting renewed investor interest in the asset.
Trading volume has seen a healthy increase of 33% in the past 24 hours, reaching approximately $723 million. This surge in volume indicates that buyers are becoming more active as Cardano attempts to overcome key resistance barriers.
Technical analysis reveals that ADA has formed a Golden Cross pattern on the 4-hour chart. This bullish indicator occurs when a short-term moving average crosses above a long-term moving average, often signaling the potential for continued upward momentum.
The cryptocurrency is now testing the 200-day Exponential Moving Average (EMA), a critical threshold that could determine its next move. A successful breakout above this level could accelerate the rally toward higher targets.
Data from market intelligence platform Santiment shows that large Cardano holders have been increasing their positions. Wallets holding between 10 million and 100 million ADA now control 35.5% of the total supply, up from 33% in January.
Similarly, wallets with 1 million to 10 million ADA have grown to account for 15.83% of the supply. This whale accumulation is often viewed as a positive sign, as it suggests that large investors anticipate future price appreciation.
The cryptocurrency is currently trading within a falling channel formed in early 2025. However, it has reversed from the channel bottom and is moving toward the midway and upper edge of the channel.
Analysts identify key resistance levels between $0.70 and $0.74. A breakout above these barriers could pave the way for a move toward $0.88, with further potential to reach the psychologically important $1 mark.
Support levels are observed at the lower border of the channel between $0.55 and $0.57. If resistance holds firm, Cardano could revisit these support levels before attempting another breakout.
ETF Speculation Drives Interest
Speculation about a potential spot Cardano ETF has gained momentum in recent weeks. Following leadership changes at the Securities and Exchange Commission (SEC), expectations for ETF approvals have increased.
According to Polymarket data, the probability of an ADA ETF being approved this year has jumped to between 51% and 70%. This development has contributed to the positive sentiment surrounding Cardano.
The derivatives market for ADA has also shown signs of increased activity. Futures open interest jumped nearly 1.5% intraday, reaching $796.15 million, while derivatives volume saw a 22.5% increase to $1.56 billion.
Cardano’s price reversal comes after forming a bullish falling wedge pattern. This pattern emerges when price keeps falling but trendlines converge, indicating that sellers are losing strength and buyers may soon take control.
Cardano $ADA approaching the HUGE resistance level at $0.75
The Money Flow Index (MFI), which measures buying and selling pressure, has risen to 55.33, suggesting neutral to slightly bullish conditions. This indicator is not yet in overbought territory, meaning there is still potential for rising prices if the bullish undertone persists.
On the technical front, Cardano has also breached the 0.618 Fibonacci retracement level, which many traders consider the “golden pocket ratio.” This breakthrough further supports the case for continued upward movement.
The Parabolic Stop And Reverse (SAR) indicator shows dots positioned below the price, indicating solid support for higher prices. When these dots appear below price action, it typically signals a bullish trend with strong underlying support.
Bitcoin’s performance remains a crucial catalyst for Cardano’s price action. If Bitcoin breaks above the $100,000 level, analysts believe Cardano could experience a 40% surge, potentially reaching the $1 mark.
Beyond market technicals, Cardano faces both opportunities and challenges. The upcoming integration of Bitcoin staking into its network using zero-knowledge proofs could provide a positive catalyst.
However, the network has seen a decrease in stablecoin volume to $30.2 million, down from $31 million in the previous month. Similarly, the total value locked (TVL) in the network has dropped from $800 million earlier this year to the current $393 million.
The price has recently formed a double-bottom pattern at $0.518, with a neckline at $1.173. This pattern is considered strongly bullish in technical analysis and supports the case for further upside.
Cardano is now poised at a critical juncture, with key resistance at $0.74. If buyers can push the price above this level, the path toward $0.88 and potentially $1 could open up in the coming weeks.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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