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Cardano (ADA) Bulls Target $1.31 After Surpassing $0.85 Mark
In a surprising turn of events, the price of Cardano (ADA) has surpassed the crucial $0.85 mark, marking a significant breakthrough for bulls. As this newfound momentum gains traction, analysts are now eyeing a potential target of $1.31.
The recent surge in ADA’s value is attributed to its breakout from a long downward trend, with buyers pushing the price into higher price zones. The earlier resistance around $0.74 had previously held back the cryptocurrency’s progress, but it has now been breached. In fact, the asset touched nearly $0.78 last week before experiencing a brief pullback, only for buyers to step in once again and push the price above $0.84.
The sentiment surrounding this development is overwhelmingly positive, with many analysts now predicting that ADA will continue its upward trajectory. According to Crypto analyst Ali Martinez, a daily close above the critical $0.85 mark would open up the possibility of reaching $1.31. His assessment takes into account earlier market structure and the current momentum.
Meanwhile, Marcus Corvinus is cautioning investors to keep an eye on the $0.77-$0.82 range as it may act as a zone of resistance if ADA fails to break above $0.85. On the other hand, if the cryptocurrency manages to stay above this mark, focus could shift towards the potential target of $1.18.
One factor that has contributed to ADA’s recent surge in value is the growing interest in its futures market. Data from CoinGlass reveals that Open Interest (OI) on ADA has increased by a staggering 16% over the past 24 hours, reaching an unprecedented high of $1.65 billion. This growth suggests a significant uptick in trader confidence, which can support ongoing price movements.
In conclusion, as Cardano’s price continues to defy expectations and push towards uncharted territory, investors would be well advised to keep a close eye on the cryptocurrency’s performance going forward.
Source: cryptopotato.com
