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Cardano (ADA) Bulls Target $1.31 After Surpassing $0.85 Mark
As the cryptocurrency market continues to witness intense volatility, Cardano’s (ADA) remarkable surge has caught the attention of many analysts and traders alike. Following a significant breakout above $0.74 resistance earlier this year, ADA has now surpassed the crucial $0.85 mark, prompting renewed optimism among bulls.
The recent breakthrough has sparked a flurry of speculation regarding potential future price targets. Notably, the 24-hour trading volume surged by approximately 15% over the past day, which further reinforces the notion that market sentiment is shifting in favor of buyers.
According to crypto analyst Ali Martinez, a daily close above $0.85 could unlock the door for ADA’s potential rise towards $1.31. This projection stems from earlier market structures and current momentum dynamics. Meanwhile, another industry observer, Marcus Corvinus, has flagged the $0.77-$0.82 region as a zone worth monitoring closely. Notably, preserving support above this critical range could redirect attention to $1.18.
For now, market participants will be keenly observing price action near $0.85 as they assess the sustainability of ADA’s recent surge. On the flip side, nearby support zones at $0.68 and $0.58 have been highlighted by Corvinus, should any pullback ensue.
The remarkable uptrend has also been reinforced by a notable increase in open interest (OI) on Cardano’s futures market. Data from CoinGlass indicates that OI has expanded by 16% within the last 24 hours, reaching an unprecedented high of $1.65 billion. As a proxy for capital commitment, rising OI often serves as a reliable indicator of traders’ growing confidence in the asset.
As ADA continues to test higher price levels, many are eager to see whether it can close the day above $0.85.
Source: cryptopotato.com
