Cardano Strong Momentum: Is $2.90 The Next Milestone

• Cardano rises 7.23% in 24 hours, with trading volume increasing 90.7% to $2.54 billion, showing strong market momentum.
• Market activity surges with an 83.44% rise in trading volume and a 12.97% increase in Open Interest for ADA.
• A breakout above three-year resistance could push ADA into a price discovery phase, unlocking new growth potential.

Cardano (ADA) is trading at $0.92, representing a 7.23% gain in the past 24 hours. The trading volume of the coin also increased by 90.7% to hit $2.54 billion. In the last week, the price of ADA increased by 23.78%, and this shows that the coin had a robust bullish run and attracted the attention of investors.

Source: CoinMarketCap

Analyst Javon Marks highlighted that Cardano is still on a good bull run. He thinks that ADA might keep on rising, and the prospective short-term landmark is the price of $1.30 before any possible decrease. Marks highlighted past breakout structures of ADA that resulted in long-term upward movements and concluded that a similar development may take place with the coin.

Source: X

Also Read: ADA Preparing for a Massive Rally, Analysts Eye $0.86 as Key Level

Surge in Market Activity

CoinGlass data shows that market activity has surged. There was an 83.44% rise in trading volume to $4.49 billion. The Open Interest (OI) also increased by 12.97%, reaching a level of $1.84 billion. The Cardano OI-weighted funding rate is 0.0240%, which indicates no significant market is experiencing a large bullish pressure.

Source: CoinGlass

Crypto Tigers revealed that the price action of ADA is within the framework of an essential three-year downtrend resistance. This status has deprived ADA of serious development over the years.

In the event that Cardano succeeds in penetrating this resistance, then it may follow a phase of price discovery. Crypto Tigers emphasised that in the event that ADA escaped this main resistance, it would not halt at $1.00 but it would be in price discovery territory after years of price suppression.

Source: X

Cardano’s Bullish Indicators

The Relative Strength Index (RSI) of ADA reads 76.32. As this indicates a potential overbought experience in ADA, it also shows a powerful buying side. The RSI of over 70 means that there is still momentum towards the upside, even as ADA may experience a small pullback.

The Moving Average Convergence Divergence (MACD) is positive. The MACD line is at 0.0179 and the signal line is at 0.0138. This bullish trend of divergence of both lines is an indication that the uptrend of ADA is becoming more powerful. This supports the prospect of higher prices in the near future.

Source: TradingView

ADA may seek the next potential price point at $2.90 now that Cardano has finally broken long-term resistance. ADA is at a major stage of its price cycle that is attracting the attention of investors. A successful break-up through the resistance may predetermine additional gains and the transition to a price discovery phase, which will allow reaching new prices.

Also Read: Cardano Price Prediction 2025: Can ADA Break $1.31 After Bullish Momentum?