ADA breaks out above $0.84 📈

💪 Cardano Bulls Take Charge — Breakthrough Levels Ahead?

Cardano price rises on Monday after recovering from crucial support last week.

As financing rates rise and stablecoin market capitalization grows, derivatives and on-chain data are optimistic.
The 4-hour chart shows a bullish pattern breakout, suggesting additional higher.

After recovering from a crucial support level last week, Cardano (ADA) is trading over $0.84 on Monday. Positive financing rates and stablecoin market growth support positive attitude, while 4-hour chart technical analysis shows a bullish pattern breakout, predicting ADA will rise.

Increasing positive sentiment in Cardano derivatives
Coinglass's OI-Weighted Funding Rate data suggests that fewer traders expect Cardano's price to fall than rise.

The metric became positive on September 2. It maintained a positive value of 0.0079% on Monday, showing that longs are paying shorts, signaling optimistic Cardano traders.

DefiLlama statistics reveals the ADA stablecoin market value hit a record $40.37 million on Sunday. Increased stablecoin activity and value on ADA boost network utilization and attract additional users.

Bullish pattern breakthrough confirms Cardano price forecast
On Sunday, Cardano's 4-hour chart price broke above the falling wedge formation and gained modestly. A bullish breakout from this pattern of many high and low levels and an August 14 trendline favors bulls. As of Monday, it trades about $0.84.

If ADA keeps rising, it might reach its 61.8% Fibonacci retracement at $0.92.

Cardano's daily chart showed support at its 100-day Exponential Moving Average (EMA) at $0.77 on September 1 and recovered 4.19% on Sunday. On Monday, it was roughly $0.83.

The ADA might rise to its August 14 high of $1.02 if it closes over $0.84 daily barrier.

ADA might fall to its 100-day EMA at $0.77 if it corrects.

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