Cardano (ADA) Price Surges 15% Amid Bullish Momentum

Cardano (ADA) Shows Signs of Bullish Trend

Cardano (ADA) has recently shown signs of a bullish trend, with its price starting a fresh increase from the $0.720 support zone. The cryptocurrency is currently consolidating and may attempt a clear move above the $0.8650 zone. ADA's price is trading above $0.80 and the 100-hourly simple moving average, with a key bullish trend line forming with support at $0.8280 on the hourly chart of the ADA/USD pair. This trend line suggests that the price could start a fresh increase if it clears the $0.8650 zone.

Price Analysis and Predictions for Cardano (ADA)

In the past few sessions, Cardano saw a decent upward move from the $0.720 zone, similar to other major cryptocurrencies. ADA was able to recover above the $0.750 and $0.80 resistance levels. The bulls pushed the price above the $0.820 resistance, testing the $0.8650 zone. A high was formed at $0.8643, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.7113 swing low to the $0.8643 high.

Analysts Predict ADA Could Reach $1.31 by 2025

The bullish momentum for Cardano is further bolstered by strategic partnerships and a 15% price surge to $0.86. These developments, coupled with bullish technical indicators, have set the stage for a potential rally toward the $0.90–$1.20 range. Analysts have predicted that ADA could reach around $1.31 by 2025, assuming a neutral market. However, they note that the price could go even higher if Bitcoin rallies or if Cardano gains more traction in the market.

ADA's Open Interest Signals Strong Institutional Buying Pressure

The recent surge in ADA's price is also supported by a $1.26 billion open interest, hinting at strong bullish momentum. This open interest indicates that there is significant capital flowing into the market, further fueling the rally. The combination of technical indicators, on-chain data, and strategic partnerships has created a favorable environment for ADA, suggesting that the rally may just be beginning.