Cardano (ADA) Bulls Need $0.62 Support to Target $1.90 Rally - Blockonomi

TLDR: 

• ADA trades above $0.62 support, keeping the long-term triangle breakout setup alive.
• MACD and RSI show early momentum shift, but no confirmed bullish signals yet.
• ADA approaches descending trendline; breakout could open path toward $0.70 and higher.
• Futures open interest down to $648M, showing reduced leverage and cautious sentiment.

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Cardano (ADA) is trading just above a key support level near 0.62. This level matches the 0.5 Fibonacci retracement and forms the base of a long-term triangle pattern that has been forming since early 2025. According to crypto analyst Ali Charts, 

“0.62 must hold as support for Cardano to have a real shot at breaking out toward 1.90.”

The price is currently around 0.64. If it stays above 0.62, the current structure remains valid. A sustained close below may weaken the setup. Fibonacci levels suggest possible upside areas near 0.95, 1.28, and 1.86 if the pattern continues to hold.

Furthermore, Sheldon posted a short-term chart showing ADA approaching a descending trendline. The trendline has been in place since early October. Sheldon noted, “ADA is looking strong and close to the momentum trend,” pointing to the area where price action is starting to squeeze.

ADA is also trading inside a support zone between 0.6245 and 0.6106. This range has seen several tests, with buyers stepping in each time. Price action is forming higher lows, which may suggest steady demand at current levels.

A clean move above the trendline would place ADA back into a short-term uptrend. The chart also includes a projected move showing a possible retest of the breakout level before continuing higher.

Cardano Indicators Show Mixed Signals

The MACD on the daily chart shows the MACD line at -0.05 and the signal line at -0.045. The MACD line remains slightly below the signal line, so no crossover has occurred yet. The gap is narrowing, which may point to shifting momentum.

The RSI is currently at 40. This is below the neutral 50 line and reflects a market that is still in a recovery phase. The MACD histogram is also showing reduced red bars, which may suggest that recent selling pressure is fading.

Open Interest Pullback Reflects Market Caution

Futures open interest for ADA stands at 648.56 million dollars, based on data from Coinglass. This is down from more than 1.8 billion dollars reached in mid-September. The drop has followed a decline in price, with ADA moving below the 0.70 level.

Lower open interest often reflects less leverage and a more cautious stance from market participants. In past cycles, drops in open interest followed by price stability have sometimes come before larger moves. 

Traders are watching for volume and open interest to return before any clear shift.