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Cardano (ADA) Explodes From Bull Pennant — Can It Hit $1.60 Next?

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TL;DR

  • ADA breaks past $0.85, flipping resistance into support and setting up a possible run toward $1.60.
  • Futures open interest rises to $1.7 billion, indicating strong interest from traders across the board.
  • A long-term chart pattern suggests that ADA could repeat past surges and push toward the $2.40 area.

Cardano Breaks Out of Multi-Month Pattern

Cardano (ADA) has moved out of a long-running pennant formation after months of trading between declining trendlines. The pattern, which began in late 2024, concluded with a clear breakout confirmed on the 2-day chart.

After breaking out, ADA retested the $0.85 level. This area, once resistance, is now acting as short-term support. At the time of writing, ADA trades at $0.8635. It has climbed 0.35% over the last 24 hours and gained more than 15% in the past week.

Analyst Jonathan Carter shared that ADA may now be aiming for several upside levels: $1.03, $1.17, $1.33, and $1.60. These zones align with past price action and high-volume areas on the chart.

Meanwhile, the Relative Strength Index (RSI) is moving upwards but is still not in the extreme territory. It is now slightly below 70, which means further upside price movement before reaching common overbought levels.

Historical Structure Supports Upside Move

Additional technical structure comes from a broader ascending channel that has been forming since early 2023. According to Bitcoinsensus, ADA has seen major price increases from this setup before. The last two bounces from the lower channel line resulted in 200% and 300% moves.

If the current trend holds, ADA may be on a path toward $2.40, following the same structure. Dan Gambardello also noted that ADA appears ready to move through its long-term resistance area and reach higher price zones in the current market cycle.

Futures Activity and Market Participation Rise

Data from CoinGlass shows open interest in ADA futures contracts has reached $1.7 billion, setting a new record. The rise in market activity signals stronger engagement from both retail and institutional traders.

ADA open interest
Джерело: Coinglass

Recent changes in United States legislation have eased the situation regarding its policy towards crypto. The Genius and Clarity Acts passed are regarded as a step towards clearer regulations, which can contribute to bigger players entering the ADA and other cryptos.

Пост Cardano (ADA) Explodes From Bull Pennant — Can It Hit $1.60 Next? вперше з'явилася на CryptoPotato.

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