The Cardano price is moving closer to the $0.78 mark as traders show increased interest. Support at $0.73 is holding well ahead of a likely breakout.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
The price of Cardano ADA $0.76 24h volatility: 3.6% Market cap: $27.60 B Vol. 24h: $1.17 B is now approaching the $0.78 resistance level, and indications from daily charts and trader activity suggest it may soon break past this point.
After weeks of sideways movement, the cryptocurrency is beginning to attract attention once more.
Cardano has been trading in a narrow range recently. However, on-chain data shows that the movement is now shifting upward. The price has remained above $0.73 since the weekend and is slowly rising toward the $0.78 level, which has previously blocked upward moves.
It has made several attempts to cross that level but pulled back each time. Notably, each pullback has been smaller, creating higher lows on the chart. Cardano recently experienced a notable increase, with price jumping by 7%.
The recent climb started after the price broke out of a long downward channel around $0.63. That same area is now acting as support. Volume has also increased slightly during price increases, which often indicates that buyers are active.
Analysts watching the chart have also identified a double bottom pattern, with the neckline positioned just below $0.80. It is a common sign of a shift in direction, but it only becomes valid if the price moves above that line.
Cardano is also trading above key moving averages. That usually means the trend is holding up, even if there are minor pullbacks. The $0.73 level, which matches the high from June 11, has been tested and held so far.
Trader data from Binance shows more people are betting on a price increase. In the last two days, long positions have gone up, especially among bigger traders. At the same time, short ADA positions are dropping, which adds to the growing confidence in a possible breakout.
Technical indicators also reflect this shift. The Relative Strength Index (RSI) is currently above 70, showing strong momentum. The MACD is still in a positive crossover and continues to rise.
Cardano Price Chart | Source: TradingView
If Cardano price stays above $0.73 and breaks past $0.78, the next stop could be $0.8 and then $0.84. A clean move past that may open the door toward the $1.00 mark.
However, if the $0.73 support level fails, a pullback toward $0.68 remains possible. For now, both the chart and trader actions remain in favor of a breakout higher.
In other news, Cardano Foundation has officially launched Reeve. This is an open-source middleware platform designed to connect traditional ERP systems with blockchain technology.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
