Cardano (ADA) Breaks Key Resistance: Is a Rally to $1.11 Next?

• Cardano (ADA) surged 11.77%, breaking through the $0.80 resistance and signaling a bullish falling wedge breakout.
• MACD and DMI indicators suggest growing bullish momentum, with ADA aiming to surpass the $1 psychological mark.
• If momentum holds, ADA could rally 40% to $1.11; failure to sustain may see support at $0.16.

Cardano (ADA) has taken the lead in the altcoin rally, posting a massive 11.77% intraday surge and breaking through key resistance levels. This bullish reversal suggests a potential breakout rally, with ADA now targeting the $1 psychological level and beyond.

Cardano Price Analysis: Breaking Through Resistance

On the daily chart, ADA’s price trend reveals a falling wedge pattern formed from a short-term resistance trendline that dates back to early 2025. A long-standing support trendline has helped Cardano regain bullish strength after a recent pullback.

Since the start of February, ADA fell from $0.9428 to a low of $0.6816, marking a 27.7% decline in just nine days. However, after eight consecutive red candles, ADA found support at the local trendline, sparking a bullish reversal.

This week’s surge has produced two consecutive green candles, overcoming the recent downtrend and challenging the overhead resistance trendline. ADA has also faced resistance at the 23.6% Fibonacci retracement level of $0.8127, with a 24-hour high at $0.8131. As of now, ADA is trading at $0.7927, poised to confirm a breakout from the falling wedge pattern.

Cardano Price Target: Can ADA Rally to $1.11?

If the bullish breakout continues, Fibonacci retracement levels suggest a potential rally to $1.11, near the 78.6% level. This represents an upside potential of over 40% from current levels.

However, failure to sustain the breakout could see ADA pulling back to key support at $0.16 or testing the local support trendline once again.

Cardano’s breakout from the falling wedge pattern and the surge in bullish momentum indicate that ADA could be on track for a 40% rally to $1.11. With strong technical indicators backing this move, the $1 psychological mark may soon come into play.

However, traders should watch for potential reversals and key support levels to gauge the sustainability of this rally.