Cardano (ADA) Rides 16% Uptrend, Eyes $1.20 Target – BlockNews
Cardano Eyes $1.20 After Bullish Breakout: ADA surged 16% over the past week, breaking through the $0.74 resistance zone and holding around $0.78. If the rally continues, the next target is $1.20, with further upside toward $1.77 based on Fibonacci levels. Derivatives and Open Interest Surge: Open Interest in ADA derivatives crossed $900 million, with the OI

- Cardano Eyes $1.20 After Bullish Breakout: ADA surged 16% over the past week, breaking through the $0.74 resistance zone and holding around $0.78. If the rally continues, the next target is $1.20, with further upside toward $1.77 based on Fibonacci levels.
- Derivatives and Open Interest Surge: Open Interest in ADA derivatives crossed $900 million, with the OI funding rate holding steady at 0.0103%. If OI climbs closer to $1 billion, it could fuel additional momentum.
- Staking Activity Boosts Bullish Outlook: Cardano’s staking activity continues to rise, with 22.08 billion ADA staked across 2,764 pools, representing $17.22 billion in locked assets. The 1COMM staking pool remains a standout with 69.04 million ADA staked.
Cardano (ADA) is holding steady around $0.78 after a 1.04% gain on May 9, keeping its 16% weekly rally intact. Despite a slight slowdown, optimism is building in the derivatives market as Open Interest (OI) crosses $900 million, hinting at a possible push toward $1.20 if momentum holds.
Bullish Breakout Above $0.74 – Is $1.20 Next?
After nearly 60 days of consolidation, ADA finally broke through the $0.74 resistance zone, a level that had kept bullish reversals in check. This breakout marks a 20% move up from the 7-day low at $0.6425, setting the stage for further gains.
Looking back, ADA’s previous rally to $1.20 in early March was followed by a sharp 60% drop to $0.5107 in just over a month. Since then, the $0.74 zone, which aligns with the 61.80% Fibonacci level, acted as a cap on the upside. But with ADA now closing at $0.7693, that zone has flipped to support, suggesting a potential trend shift.
On the broader timeframe, ADA’s price structure since December 2024 forms a right-angled descending broadening wedge, with the $1.20 zone as the upper boundary. A successful breakout from this pattern could see ADA pushing toward the 100% Fibonacci level at $1.22. If that level is cleared, the next target is the 1.272 Fibonacci level at $1.77.

EMAs and MACD Show Bullish Signals
Cardano’s rally has pushed it above the 50, 100, and 200-day EMAs, increasing the odds of a golden crossover between the 50-day and 200-day EMAs. Meanwhile, the MACD line has crossed above the signal line, a classic bullish signal that supports the extended recovery outlook.
If ADA can hold above $0.74, the next test will be the $1.20 resistance zone. But if that level fails, ADA could drop back to the 50% Fibonacci support at $0.62.
Open Interest Crosses $900M – What It Means
As ADA holds above $0.74, derivatives activity is picking up. Open Interest has surged past $900 million, while the OI weighted funding rate remains flat at 0.0103% — indicating a balanced market. If OI continues to climb toward $1 billion, it could provide the fuel needed for another leg up.

Staking Activity Supports Bullish Thesis
Staking activity on the Cardano network is also ramping up. According to PoolTool, there are now 2,764 active staking pools, with 1.33 million addresses staking a total of 22.08 billion ADA — roughly $17.22 billion at current prices.
Among them, One Community ADA (1COMM) stands out, with 69.04 million ADA staked, making it one of the most trusted pools in the network.
Key Levels to Watch:
- Support: $0.74, $0.62
- Resistance: $1.20, $1.22, $1.77
- Breakout Confirmation: Sustained move above $1.20 with volume could open the door to $1.77, while a break below $0.74 could invalidate the bullish setup.
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