Cardano (ADA) is flirting with a breakout. Trading just under $0.86, the cryptocurrency has been consolidating above key support levels, hinting at a potential surge. Analysts are eyeing the $1.04 mark as a possible target by early September, contingent on sustained bullish momentum.
Recent technical analyses suggest that ADA has found support near $0.7650 and is trading above the 100-hourly simple moving average. A bullish trend line is forming with support at $0.9350 on the hourly chart, indicating that ADA could extend gains if it clears the $1.00 resistance zone .
However, it's not all smooth sailing. A failure to hold above $0.84 could risk a slide toward $0.82, as traders watch these levels closely to determine whether buyers can regain control .
With the next resistance levels sitting at $1.13 and $1.40, Cardano's new targets are firmly within reach if bullish momentum holds .
As the market watches closely, ADA's next moves could set the stage for its return to previous highs.
