Cardano is currently trading at approximately $0.915 after a clear increase today of about +11.3%, with a daily trading range between $0.824 and $0.939.
Market reading:
The short-term trend shows noticeable optimism, with buying power increasing supported by renewed liquidity and cumulative movements from large wallets (whales) that have purchased massive amounts in recent hours.
Support and resistance levels:
The first support at $0.85 represents a solid base against any potential correction, and the secondary support at $0.80, if broken, suggests the possibility of a deeper decline.
The first resistance at $1.00 is a psychological and pivotal barrier; breaking it could trigger a wider buying wave.
Resistance is anticipated at $1.05 to $1.18, a potential target area if the price stabilizes firmly above the dollar.
Technical indicators:
The moving averages MA show the price trading above the 20 and 50-day averages, reinforcing the bullish outlook.
The Relative Strength Index (RSI) is at 63, indicating a strong position without reaching oversold conditions.
The MACD indicator shows the main line above the signal line, and the gap is widening, indicating continued positive momentum.
Trading volumes are showing remarkable growth parallel to price movements, which lends credibility to the bullish trend.
The forecast is a bullish scenario if the price stays above $0.90 and breaks $1.00 with a daily close; the situation is open to achieving a jump to a range between $1.10 – $1.18, while a bearish scenario below $0.85 may halt momentum and lead the price to test $0.80, which is a level that may see new buying responses.
In summary, Cardano is breaking into positive territory supported by strong technical factors and renewed liquidity, with a clear opportunity for a breakout towards higher dollar levels. However, maintaining support at $0.85 is crucial for sustaining the bullish picture.
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