📊 Cardano Eyes Bullish Comeback Amid New Institutional Talks
Cardano (ADA) has broken a local trendline and is eyeing a recovery above $0.72. Growing institutional interest and rising open interest in derivatives suggest a potential breakout to $0.837.
As altcoins gradually regain momentum, Cardano appears poised for a bullish comeback this week. On Wednesday, ADA gained nearly 1%, triggering a trendline breakout on the lower time frames. Will this breakout help Cardano re-establish a bullish trend?
🔸 Cardano Price Analysis
On the 4-hour chart, Cardano shows signs of a bullish move after previously failing to sustain above the $0.837 resistance level. Following multiple peaks formed last month, ADA dropped nearly 10% last week.
The decline stabilized just above the $0.648 support level, with possible reinforcement from the psychological $0.65 mark. With a short-term recovery of nearly 2% this week, Cardano has broken above a local resistance trendline formed by lower highs during the recent pullback.
Currently, ADA is testing the 50-period EMA at $0.70, aiming for a continued recovery. However, the 100- and 200-period EMAs near $0.72 serve as the next significant resistance zone. Thus, despite the trendline breakout, ADA still faces several key resistance levels.
Despite these overhead barriers, the RSI reflects growing bullish momentum as it moves above the midpoint. If Cardano manages to break through the $0.72 level, a rally toward the $0.837 resistance becomes more likely.
Conversely, the key support level remains at $0.648, followed by a secondary support level around $0.60.
CEO-Level Meeting Between Cardano Foundation and Franklin Templeton
Adding to the bullish sentiment, Frederick Gregaard, CEO of the Cardano Foundation, recently met with Jenny Johnson, CEO of global investment firm Franklin Templeton, which manages $1.6 trillion in assets.
The Cardano community reacted positively to the news, viewing it as a strong signal of institutional engagement.