Cardano Price Could Hit $1.70 If It Breaks Above $0.80 - The Market Periodical

Key Insights:

• Cardano price needs to break out above $0.80 for confirmation of a rally towards $1.70.
• Long-term channel support implies ADA price could recover as buying momentum builds.
• Coinbase x402 integration bolsters Cardano’s AI payment ecosystem and demand outlook.

Cardano price continues to make gains as traders and investors see renewed confidence in the market structure. Binance data showed a sharp increase in the long positions. Meanwhile, Coinbase’s new integration of x402 adds strength to Cardano’s fundamentals as well as its long-term adoption outlook.

Cardano Price Tests $0.80 Resistance Zone

Cardano price is stabilizing near the $0.68 level after bouncing from recent lows. The 12-hour chart showed the formation of a symmetrical triangle, from which a breakout may occur. Analyst Ali said that ADA price needs to break the $0.80 resistance to confirm the bullish continuation.

Interestingly, a breakout above this level is likely to initiate a rally towards $1.70, which coincided with previous surges following long periods of consolidation. The pattern showed tightening market conditions, where volatility expands after resistance levels are breached.

Currently, ADA price is consistently trading above a strong ascending support trendline. Buyers are holding up at this level, reducing downside in the near term. If the volume picks up near $0.80, a sustained breakout could follow.

Binance Traders Build Strong Long Exposure

Furthermore, on-chain and derivatives data also showed Binance’s top traders are increasing their exposure to Cardano. Analyst CW provided charts indicating that the Binance Top Trader Long/Short Ratio is sharply rising above 3.0, the highest level in weeks.

Consequently, the number of long positions has also increased steadily, and the ratio now stands at 1.9. This suggests that experienced traders expect a stronger upward movement. Such positioning is usually an indication that large accounts are anticipating price continuation.

Increased long exposure implies confidence in Cardano’s technical setup. It also showed larger market optimism returning to large-cap altcoins. If the ratio remains higher, ADA price might gain additional momentum from derivatives markets.

Cardano Has Long-Term Channel Support

Interestingly, Cardano has yet to break its long-term ascending channel, which has been directing price action since 2018. The structure has been well supported throughout multiple market cycles. For each retest of the lower band, historically, there has been a rebound.

CW further stated that ADA price recently bounced back off the bottom, around $0.67. This move strengthens and stabilizes the token on the longer timeframes. Maintaining this level is essential to confirm the sustained upward trend.

If the top altcoin remains above this level, then the next target is near $1.20, which represents the midline of the channel. A breakout above that could take gains to $1.50 and $1.70 in the upcoming months.

The defense of the lower channel has repeatedly suggested accumulation amongst the long holders. This steady base-building period supports the notion that Cardano is poised for a robust recovery cycle.

Coinbase Integration Enhances Cardano’s Fundamentals

In the meantime, Cardano’s integration with the standard x402 of Coinbase has added extra utility to its network. The protocol allows AI agents and blockchain services to make payments on an automated and verifiable blockchain-based platform.

First created by Coinbase and utilized in Google’s Agent-Payment System, x402 is used to support direct pay-to-access transactions without the involvement of intermediaries. This integration, carried out using Masumi Network, marks the first operational proof-of-concept for Cardano.

The upgrade enhances Cardano’s scope in the field of AI-based decentralized applications and improves its competitiveness in smart contract applications. It also sets up the blockchain for future growth in the automated “agent economy.”