Cardano ADA Gains 4.88% as Bulls Eye Key Resistance Levels - Crypto Data Space

Strong Volume Surge Signals Renewed Interest

Cardano (ADA) posted a solid 4.88% gain over the past 24 hours, accompanied by a significant 74% increase in daily trading volume. This volume spike suggests growing trader interest and potential momentum building in the altcoin.

The price action comes as Bitcoin struggles to break above $117.5K resistance, creating opportunities for altcoins like ADA to capture market attention.

Technical Analysis Shows Bullish Setup

Using Fibonacci retracement levels from June-July swing points at $0.51 and $0.937, key support areas become clear. The 61.8% retracement level sits at $0.673, which recently held as support during the pullback.

More importantly, the June high at $0.73 has transformed from resistance to support. This level aligns with moving averages on the daily chart, creating a strong confluence zone that triggered the recent bullish reaction.

Indicators Confirm Short-Term Strength

The Chaikin Money Flow (CMF) reads +0.06, indicating significant buying pressure behind the current move. Meanwhile, the MACD remains above the zero line and appears ready to form another bullish crossover.

On shorter timeframes, ADA trades around $0.78, successfully flipping former resistance into support. Both the Money Flow Index (MFI) and CMF support the bullish short-term outlook.

Next Targets Point to Higher Levels

Fibonacci extension levels identify $1.03 and $1.20 as the next upside targets. These levels align well with strong horizontal resistance from November-December 2024, providing clear roadmaps for the potential rally.

The technical setup suggests ADA offers a favorable buying opportunity at current levels, especially with support holding firm around $0.755.

The $0.755 support level remains critical for maintaining the bullish outlook. As long as ADA holds above this area, the upward momentum should continue toward the Fibonacci targets.

Current market conditions, combined with strong technical indicators and volume confirmation, suggest Cardano is well-positioned for further gains in the near term.

Cardano ADA Gains 4.88% as Bulls Eye Key Resistance Levels