Usman Salis
Cardano (ADA) is on fire right now, climbing 58% from its June lows and making that sweet $1 price target look more realistic than ever. The 10th biggest crypto by market cap is having its best run in months, backed by solid technical moves and crazy trading volumes.
ADA Price Breaks Key Barriers in Strong Rally
ADA just crushed it in the last 24 hours, jumping 10% to hit $0.825 - the highest we've seen in weeks. Trading at around $0.803 now, that's a solid 28% gain for the week. What's even more impressive? Trading volume exploded by 84% to $2.36 billion, showing real interest is back.
This whole rally started from ADA's rock bottom at $0.52 on June 22 - we're talking about massive 58% gains since then. But here's what makes this different: ADA finally broke through those stubborn resistance levels that have been holding it back for months.
The coin smashed through both the 50-day moving average at $0.639 and the more important 200-day average at $0.747. These levels have been like walls since December and March respectively, but now they're in the rearview mirror.
Cardano (ADA) Price Eyes $1 as Bulls Take Control
With momentum this strong, ADA looks like it's got a clear shot at $1 - a level we haven't seen since early March when crypto reserve news was buzzing. The next stop is $0.86, which was May's high point.
If Cardano can punch through $0.86 convincingly, analysts think the move to $1 could happen fast. The technical picture is looking good too - that bearish triangle pattern that was forming? It's gone. ADA broke above the downtrend line at $0.75 and basically said "not today."
The RSI is in overbought territory, which usually means buyers are in full control. A clean break above $0.86 could send ADA straight to that $1 target everyone's watching.
But let's be real - if ADA drops below $0.64, this whole bullish story falls apart. That would mean the breakout was just a trap, and nobody wants to see that happen.
Usman Salis
