- ADA surges past $0.75, signaling strong bullish momentum and key support.
- RSI recovery suggests fading selling pressure, hinting at further bullish potential.
- Grayscale’s ETF filing may boost ADA exposure, attracting more institutional interest.
Cardano (ADA) surged 13.97% in the last 24 hours, reaching $0.7979. The recent breakout from consolidation below $0.71 signaled strong bullish momentum. ADA’s price climbed past $0.75, turning a previous resistance level into support. With increasing trading volume and a recovering RSI, investors are watching key resistance levels to gauge the potential for further gains.
Strong Support and Resistance Levels
ADA’s current price action shows multiple support and resistance levels. The $0.75 mark, previously a resistance, now acts as a crucial support level. Below that, the $0.70–$0.705 range provided temporary consolidation before the rally, while $0.68 remains a lower support zone.
On the upside, ADA faces immediate resistance at $0.80–$0.81. A break above this level could push the price toward $0.85, a psychological resistance and a key historical price point. If bullish momentum continues, ADA may test the $0.90 mark, which stands as a significant resistance level.
Technical Indicators Show Bullish Potential
ADA’s price structure is forming higher highs and higher lows, indicating a strong uptrend. The trading volume surged 67.41%, suggesting strong buying interest. If the price holds above $0.75, it could advance toward $0.85–$0.90. However, a break below $0.75 might lead to a pullback toward $0.70.
The Relative Strength Index (RSI) currently stands at 44.09, recovering from an oversold level of 34.55. This suggests that selling pressure is fading. If the RSI moves above 50, it could confirm increasing bullish momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains bearish, with the MACD line at -0.0693 and the signal line at -0.0609. However, the MACD histogram is showing signs of bottoming out. A bullish crossover could further strengthen ADA’s upward move.
February Price Forecast and Market Sentiment
Coincodex Market forecasts suggest that ADA could rise by 8.99% in February, reaching an average price of $0.872975. The projected price range for the month spans from $0.696086 to $1.049669. If momentum continues, investors could see a potential 31.05% return from the current price level.
In addition to bullish price action, institutional interest in Cardano is growing. Grayscale, a top crypto asset manager, recently filed to launch a spot Cardano exchange-traded fund (ETF) in the U.S. through NYSE Arca. If approved, this ETF would provide investors with direct exposure to ADA without requiring them to hold the asset.
