Cardano (ADA) has positioned itself as one of the top performing major altcoins over the last week, surging nearly 50% in the last 7 days. At the time of writing, ADA is trading around $0.64, up 6% in the last 24 hours. Its market cap now stands at $22.7 billion.
According to prominent crypto analyst Ali, Cardano’s move above $0.60 is a bullish development that could fuel further upside.
In a recent tweet, he stated: “#Cardano trading above $0.60 could be just what the bulls dreamed! With no significant resistance barriers in sight, the path looks clear for $ADA to move higher. The next key hurdle is between $0.80 and $1, opening a window for $ADA to shine.”
Ali also highlighted in this image that over 51,000 addresses currently hold $1.69 billion worth of ADA at this level. This makes the $0.60 level an important support area for the cryptocurrency.
Looking at the technical picture, Cardano is coming off a bullish breakout from an Ascending Triangle pattern on its way to over $0.65. However, the RSI level above 75 shows ADA is currently overbought after the rapid price increase over the past week. Some profit taking that causes the price to pause or pull back would be normal at this stage.
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Show more +If Cardano can break above the $0.65 resistance, analysts expect it could target the $0.80 level next, which aligns with analyst Ali’s upside projection as well.
Additionally, the MACD line crossing above the MACD signal line is considered a bullish sign that upward momentum is accelerating. This moving average convergence divergence indicator reinforces the bullish outlook in the near-term for ADA.
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