Cardano Hits $0.80 as Volume Jumps 65% and Bullish Setup Holds
Cardano surged 7.5% in 24 hours with $1.29B volume and $0.8043 price. ADA formed a bullish structure with immediate resistance at $1.00 and targets at $4.50 and $7.97. Cardano (ADA) is exhibiting strong...
- Cardano surged 7.5% in 24 hours with $1.29B volume and $0.8043 price.
- ADA formed a bullish structure with immediate resistance at $1.00 and targets at $4.50 and $7.97.
Cardano (ADA) is exhibiting strong signs of a technical breakout after rebounding from key liquidity levels. The asset remains within a higher time frame uptrend, maintaining consistent bullish structure over recent sessions. Still, over the past month, ADA is facing multiple rejections at the level of $0.80 and $0.85.
Tracking the ongoing market trend, Cardano (ADA) is trading at $0.8043, reflecting a 7.50% increase over the last 24 hours. The 24-hour trading volume reached $1.25 billion, marking a 65.17% jump.
CoinMarketCap data shows the market cap now stands at $28.41 billion, up 7.50% on the day. The price movement began around $0.752 before a steady upward climb that continued through May 22’s early sessions.
ADA price action followed multiple small retracements, but higher lows and strong buying volume supported the trend. The asset maintained consistent green candles, peaking near $0.8099 in the final update. Additionally, the volume-to-market cap ratio for the past 24 hours was 4.4%, indicating strong liquidity conditions. At the time of writing, Cardano continues to trade at the daily high, showing persistent demand and limited selling pressure throughout the session.
Bullish Patterns Suggest Continued Price Growth for ADA
According to a technical observation ADA faces significant resistance at its previous yearly high of $1.20. Another analysis by Lennaert, hints that a sustained move above its all time high of $3.10 may activate the next price target set near $4.90. Analysts note that the recent bounce aligns with long-term support zones, reinforcing structural integrity.
A deeper analysis in the 24 hours ADA/USDT indicates that Cardano formed a double bottom pattern around the $0.24 and $0.30 zone, indicating a strong support level. The price broke above the neckline resistance $0.75, retested it, and then resumed its upward trajectory.
However, the current price action shows a rounded bottom forming, aligning with a potential inverse head and shoulders pattern. Resistance remains at the $3.00 zone. Fibonacci extensions target $4.50 and $7.97 levels, projecting future bullish price movements based on historical trends.
Looking ahead, Cardano maintains its upward momentum as it trades above the $0.75 neckline support, with rising demand supporting price strength. Immediate resistance lies between $0.85 and $1.20, while $0.75 and $0.65 now serve as critical support zones.
A break above $0.85 may open the path toward retesting $1.20. However, failure to hold $0.75 could trigger a short-term pullback toward $0.65. The current structure points to a bullish continuation as long as higher lows persist.
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