🔥 Cardano Bulls Eye $1.00 Breakout — Can ADA Sustain the Surge?
Cardano rises over the 200-day EMA as bulls target $1.00.
ADA retail interest rises with Open Interest and trading volume.
Cardano's DeFi Total Value Locked surges to $326 million, indicating investor confidence.
Cardano (ADA) trades at $0.73 on Friday, marking a fourth straight day of gains as bulls gain control of the cryptocurrency market. Since ADA's cycle bottom of $0.51 on June 22, investors' risk appetite has improved, boosting its bullish potential.
A strong futures market and Decentralized Finance (DeFi) ecosystem might lead to a breach over $0.86, which stopped price movement in mid-May.
Due to rising futures contract Open Interest (OI) and trading activity, retail Cardano interest remains consistent. The derivatives market is becoming more optimistic as CoinGlass data shows the value of unsettled futures and options contracts going past $1 billion.
Over the previous 24 hours, trading volume rose to $4.34 billion, matching the rise in Open Interest as traders bet more on ADA price rising, particularly if bulls keep control.
Investor trust in ADA extends throughout the DeFi industry, with the Total Value Locked (TVL) of all coins held in smart contracts of all protocols on the chain rising to $326 million.
This 21% growth since June 23 supports investor confidence in ADA and follows recent advancements like wrapped Bitcoin (BTC) on the Cardano blockchain.
Cardano favors optimistic technical outlook
A technical milestone was reached when Cardano price broke over the 200-day Exponential Moving Average (EMA) at $0.68, the 100-day at $0.66, and the 50-day at $0.63.
The Money Flow Index (MFI) is overbought, indicating the easiest way is up. At 70, the Relative Strength Index (RSI) suggests a strong bullish hold, likely keeping ADA prices high toward the mid-term $1.02 goal, challenged as resistance in early March.
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