What's up, my people! Here we are, keeping an eye on Cardano's (ADA) movement, which seems to be waking up after a long slumber around 50 cents. The thing shot up to $0.72, touching a trend line that has held back the party since March. But, be careful, because even though technical analyses shout 'upwards!', things are not so clear.
The play, as the trading buddies see it, is intense. In Hyperliquid, 70% of traders are betting that ADA is going up. This is a double-edged sword, my bro. If it breaks the resistance, those who are short will get liquidated, and that could send the price to the moon. But if it retraces in the $0.77 zone, the longs could get burned, and a fierce correction could come. It's the classic: either the rocket shoots up, or it takes a big hit.
Meanwhile, in the ecosystem, Cardano is doing its homework. Its TVL (Total Value Locked) grew by 7.76% in a week. That’s no small feat; it indicates that people are putting more money into the network's DeFi protocols. Additionally, ADA is dominating on social media, with over 4 million interactions in 24 hours, leaving others like TIA and ALGO behind. The community is fired up, and that’s always a good omen.
The big gossip is the triangle breakout.
Experts say that if ADA closes above $0.81, the next key level is $0.98, and the final target could be $1.60. But here comes the catch: there is a hidden divergence in the RSI that could indicate that momentum is weakening. If heavy volume doesn't come in, it could bounce in the $0.77-$0.81 zone and fall back down to support at $0.51.
In summary, the bulls have the upper hand, but they need a master move to consolidate the rise. We must be attentive to the upcoming movements, as a close below $0.689 could send this entire party crashing down. Will Cardano finally take off or will it remain on the threshold? Draw your conclusions and let's see who is right!$ADA
