Cardano Price Faces Heavy Resistance After Crossing $1 for First Time in 5 Months
Cardano has rallied 20% over four trading sessions, briefly breaking the $1 psychological level before consolidating near $0.93 following Bitcoin’s retreat.
As of Friday, August 13, ADA is consolidating near $0.93 after an intraday pullback from $0.97. The retreat mirrors Bitcoin’s sharp rejection from $124,000 earlier in the session, triggered by hotter-than-expected US PPI data that sparked instant sell-off sentiment across equities, commodities, and crypto markets.
Cardano Liquidation Map data | Coinglass
Despite the uncertain macro landscape, ADA derivatives trading data over the last 30 days shows bulls remain in firm control. Coinglass Liquidation Map data reveals $194 million in ADA long positions deployed against $93 million in shorts, favoring upside expectations.
However, the data also exposes a critical resistance cluster at $0.98, where SHORT traders have concentrated roughly $43 million—nearly half of all active short positions. This concentration explains why ADA’s intraday rebound was capped at $0.97, creating a significant overhead barrier.
Breaking through this level could trigger a wave of short covering, fueling rapid gains toward $1.20. Until then, ADA’s inability to sustain trading above $0.98 suggests the market remains in a standoff between profit-taking bears and bulls targeting a sustained breakout above $1.
Cardano Price Forecast: Can Bulls Breach the Critical Resistance?
Cardano’s price action has been decisively bullish this week, with the latest push above the upper Bollinger Band at $0.92 confirming short-term dominance. However, the RSI currently sits at 69.7, approaching overbought territory while trading near monthly timeframe peaks, signaling potential buyer fatigue.
Cardano (ADA) Price Forecast | TradingView
A decisive close above $0.98 could open the door for a test of $1.20, aided by the absence of significant resistance beyond the current cluster. Conversely, failure to clear this barrier could invite renewed selling pressure, sending ADA back toward $0.92 support. A deeper rejection might target the 20-day SMA near $0.79, especially if Bitcoin’s BTC$87 51224h volatility:0.1%Market cap:$1.75 TVol. 24h:$52.36 B
momentum weakens over the weekend.
While Cardano navigates critical resistance levels, traders are exploring BTC Hyper, a Bitcoin Layer 2 project offering high-growth opportunities. The presale has already raised $9.536 million, providing instant, low-cost Bitcoin transactions for payments, memecoins, and decentralized apps, alongside staking rewards of up to 1,052%.
BTC Hyper Presale
For those seeking diversification during ADA’s consolidation phase, BTC Hyper offers exposure to Bitcoin’s ongoing bull cycle with additional yield potential. Visit the official website to join the presale before the next price tier unlocks.
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.
I’m a research analyst with experience supporting Web3 startups and financial organizations through data-driven insights and strategic analysis. My goal is to help organizations make smarter decisions by bridging the gap between traditional finance and blockchain innovation.
With a background in Economics, I bring a solid understanding of market dynamics, financial systems, and the broader economic forces shaping the crypto industry. I’m currently pursuing a Master’s degree in Blockchain and Distributed Ledger Technologies at the University of Malta, where I’m expanding my expertise in decentralized systems, smart contracts, and real-world blockchain applications.
I’m especially interested in project evaluation, tokenomics, and ecosystem growth strategies, as these are areas where innovation can drive lasting impact. By combining my academic foundation with hands-on experience, I aim to provide meaningful insights that add value to both the financial and blockchain sectors.
