The post Cardano Price Breaks Key Resistance, Targets $1.20 Amid Governance Boost? appeared first on Coinpedia Fintech News
Cardano price is showing renewed strength, rising 4.06% in the past 24 hours to $0.9587 and gaining nearly 19% over the week. With a $34.12 billion market cap, the trading volume has sunk 40% to $3.51 billion as profit-taking sets in. Wondering why is Cardano making buzz again? And how far will ADA price go in the short term? Read this analysis for all details.
What’s Driving ADA Price Higher?
Governance momentum: The Cardano Foundation has approved ₳605k ($571k) to subsidize a content-delivery network for developers. Thereby, signaling faster and more efficient decentralized decision-making. Projects like Eternl and Vespr wallets already use this infrastructure, which could drive broader dApp adoption and network utility.
ETF speculation: Grayscale has filed Delaware trust registrations for a potential ADA ETF. Which vouches its strategy before launching its Bitcoin and Ethereum trusts. Although SEC approval is uncertain, the move highlights rising institutional interest, with Grayscale’s Smart Contract Fund already allocating 20% to ADA.
Cardano Price Analysis
ADA price has cleared the $0.84–$0.89 resistance band, which was supported by a 14-day RSI at 71.45 and a positive MACD histogram of +0.0167. This breakout invalidates a multi-month descending channel that had capped price since mid-2022. Historically, similar patterns have preceded major rallies, including the 3,000% move during 2020–2021.
That being said, the immediate upside target for ADA price sits at $1.02. In line with short-term Fibonacci levels, with $1.20 as an extended objective if momentum holds. The current price action on the 4-hour chart shows ADA consolidating at $0.9428, just below the resistance after hitting a daily high of $0.9753. Support has formed at $0.8241, which now serves as a key invalidation level.
Despite bullish momentum, a declining intraday trading volume indicates some caution among traders. A failure to hold above $0.90 could invite a pullback toward the mid-$0.80s before any further rally.
FAQs
Key resistance lies at $1.02, with an extended target near $1.20 if bullish momentum continues.
The major support sits at $0.82–$0.84. A breakdown below this could weaken the uptrend.
Network upgrades, ETF speculation, and developer adoption of new governance initiatives are likely catalysts.