Cardano may target $1.31 if it confirms a daily close above the key $0.85 resistance level.
ADA futures open interest hits $1.56B as long positions and volume gains show strong market support.
ADA holds support above $0.82 with bullish MACD and RSI pointing to continued upward momentum.
Cardano (ADA) is trading close to a key technical level, with the $0.85 price point being closely watched by traders. A daily close above this resistance may confirm a breakout, and analysts suggest it could set the stage for a move toward $1.31.
Analysts Monitor $0.85 for Bullish Continuation
According to analysis prepared by crypto analyst Ali Martinez, a daily close above $0.85 may open the way to $1.31. This resistance has capped several previous rallies, but recent momentum and volume suggest stronger buyer activity this time.
https://twitter.com/ali_charts/status/1945872119386034597
ADA rose by 7% in the last 24 hours and over 20% in the past week. The move followed a breakout above $0.74 and $0.78, levels that had previously held firm throughout 2024. The price has remained above $0.82, showing strong support from buyers even after brief pullbacks.
Data from CoinGlass shows that Open Interest in ADA futures increased by 8.42% to $1.56 billion, with long positions dominating the market. Top traders on Binance and OKX posted long/short ratios above 2.35, indicating bullish positioning from large participants.
Volume Trends and Support Levels Provide Market Structure
Trading volume rose over 38% in the past 24 hours to $3.36 billion, reinforcing strong market engagement. Cardano’s market cap also climbed to $29.05 billion, maintaining its position as the 10th-largest cryptocurrency.
According to an observation by analysts reviewing TradingView charts, ADA is holding above short-term support at $0.828 and $0.800. The 50% Fibonacci level around $0.788 may offer further backing if a pullback happens before a clear breakout.
The bullish set up is also supported by technical indicators. MACD and the RSI show high momentum with MACD on positive territory and RSI above 50. If ADA closes above $0.85, traders may turn their attention toward the $1.31 resistance level next.
The post Cardano Could Target $1.31 if Price Secures a Daily Close Above the $0.85 Resistance Level appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
