Cardano's price is gaining momentum, with analysts predicting a potential breakout toward $2. Key buy and resistance levels are identified in the data.
Key Buy Wall and Resistance at $1.9
ADA is trading around $0.7239 after forming a rounding-bottom reversal pattern on the daily chart. This bullish setup suggests strong buying activity near the $0.70 level, but resistance exists at $1.9. Analyst CW emphasizes the significance of the current price range as a buy wall, signaling accumulation before a potential upward move. Breaking through the $1.9 level could propel the price toward $2.
Bitcoin's Recovery Impact on Cardano
Bitcoin's climb above $87,000 has reignited bullish sentiment in the crypto market, including Cardano. Historically, ADA has shown strong correlation with Bitcoin. When Bitcoin rallies, other altcoins like ADA often benefit, potentially reaching $1.
Futures Data Confirms Optimism
On-chain metrics indicate rising bullish sentiment for ADA. According to Coinglass, open interest in ADA futures has reached $785.91 million, highlighting increased trader activity. A rise in open interest suggests that investors are taking leveraged positions in anticipation of a strong price move.
Cardano's price is at a critical juncture. Technical indicators and market support suggest a potential breakout above $1.9. However, failure to break through this resistance might result in consolidation. With Bitcoin's strong performance, the upside potential remains open.
