The price of Cardano is showing renewed bullish momentum, climbing to $0.80 with a 2% gain at the time of writing. This rise comes amid the ongoing breakout of a multi-month falling wedge pattern.
Technical Signals Indicate Strength
The ADA price chart on the daily time frame highlights a clear technical setup that has drawn attention across the crypto market. If the Cardano price holds its current uptrend, it may soon approach July's high of $0.92. A successful breakout above this level could pave the way for a run towards $1.10 and higher.
Increased Community Interest
Community engagement within Cardano is also adding to the bullish momentum. Charles Hoskinson recently shared that the network is witnessing a wave of new participants due to an ongoing NIGHT token airdrop. According to his report, nearly 3.08% of the total NIGHT token supply has been claimed, reflecting user interest in the project.
Key Levels to Watch on the ADA Price Chart
From a technical perspective, traders are eyeing the $0.92 resistance level as the next key test. If Cardano can hold above this level, it will strengthen the price prediction narrative with potential for a rally towards $1.10. Conversely, failure to hold the breakout zone could result in a retest of lower support levels, but current market sentiment suggests buyers remain in control.
Thus, Cardano is demonstrating positive momentum, and if current trends continue, the price may overcome key resistance levels in the near future.
