- Cardano price was up 5% as bulls broke above $0.27 amid Bitcoin’s surge.
- Bullish RSI at 66 and rising open interest signal breakout potential.
- Support could be at $0.25 and $0.23, while $0.30 and 200 EMA near $0.40 are next resistance levels.
Cardano (ADA) traded to above $0.27 as bulls across the cryptocurrency market extended gains toward the key resistance zones.
ADA’s spike aligned with this broader market strength, which has seen renewed investor optimism push Bitcoin’s price past $81,000.
The overall lift already has several altcoins posting double-digit gains, while a few like Toncoin and Zcash have exploded by more than 30% in the past 24 hours.
Cardano price surges to $0.27 as bullish sentiment builds
Data on CoinMarketCap shows Cardano’s price has surged 5% in the past 24 hours and 8% this past week, with ADA decisively extending gains above the pivotal $0.25 level.
This momentum aligns with fresh capital flowing into altcoins, amplifying buying pressure.
Notably, derivatives data further bolsters the bullish narrative.
Open interest in ADA futures has risen to $546 million, signaling heightened trader conviction.
Meanwhile, funding rates for perpetual contracts hovered at positive 0.0074%, and 24-hour spot trading volume was at $129 million.
A lot of this is down to risk appetite returning across markets.
On Wednesday, analysts at QCP highlighted the outlook as largely boosted by geopolitical developments.
“Trump’s pause on “Project Freedom” is read as a de-escalation signal, sending oil lower, equities higher, and the dollar softer. $BTC has reclaimed $80k alongside the S&P 500’s best month since 2020, trading once again as a high-beta expression of dollar weakness and risk appetite,” they noted.
These factors point to mounting bullish sentiment, and Cardano could capitalize on this and the market’s broader recovery to eye higher levels.
Cardano price forecast
From a technical perspective, Cardano’s short-term outlook is bullish.
The token is looking for a breakout from a descending triangle pattern, while the price has jumped above the 50-day exponential moving average (EMA) at $0.25.
The picture signals the potential for an extended rally.
Short-term targets cluster around $0.30, marked by a key horizontal resistance line from March highs.
Beyond that, the 200-day EMA near $0.40 looms as the next major hurdle, potentially unlocking a push toward $0.50 if momentum holds.
The Relative Strength Index (RSI) on the daily chart stands at 66, firmly in bullish territory but yet to enter overbought levels.
This suggests room for additional gains before any pullback.
If bears take control, key support levels include $0.25 (now acting as dynamic support via the 50-day EMA) and $0.23.
A drop below this mark could temper enthusiasm and bring $0.20 into play.
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