Cardano (ADA) has emerged as one of the top-performing major altcoins, experiencing a nearly 50% surge in the past week. As of now, ADA is trading at approximately $0.64, marking a 6% increase in the last 24 hours, with a market cap of $22.7 billion.According to crypto analyst Ali, Cardano’s rise above $0.60 signals a bullish trend, potentially paving the way for further gains. In a recent tweet, he expressed optimism, stating, “#Cardano trading above $0.60 could be just what the bulls dreamed! With no significant resistance barriers, $ADA appears poised to ascend, with the next challenge lying between $0.80 and $1.”Ali emphasized that over 51,000 addresses currently hold $1.69 billion worth of ADA at the $0.60 level, establishing it as a crucial support zone for the cryptocurrency.Examining the technical landscape, Cardano recently broke out from an Ascending Triangle pattern, reaching over $0.65. However, the RSI level above 75 indicates that ADA is currently overbought after the rapid price surge in the past week. It’s reasonable to anticipate some profit-taking, causing a temporary pause or pullback in the price at this stage.
Should Cardano successfully surpass the $0.65 resistance, analysts anticipate a potential move towards the $0.80 level, aligning with the optimistic projection from analyst Ali.Moreover, the crossing of the MACD line above the MACD signal line is regarded as a bullish signal, indicating an acceleration of upward momentum. This convergence in the moving average strengthens the positive outlook for ADA in the short term.
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