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Cardano Breakout

Cardano (ADA) Breaks Out: Price Surge to $1.77 Expected

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  • ADA price is currently at $0.7562, up by 7.18% in 24 hours, with a notable increase in trading volume.
  • Analysts predict potential price targets of $1.1378, $1.3609, and $1.7743 for Cardano based on its breakout from a falling wedge pattern.
  • Cardano’s founder, Charles Hoskinson, faces accusations of manipulating ADA reserves, which he has forcefully denied.

Cardano (ADA) is currently trading at $0.7562, with an increase of 7.18% over the last 24 hours. The currency also witnessed high trading volume, which increased by 97.81% to reach $1.4 billion over the past 24 hours. The price of ADA increased by an additional 6.55% over the last seven days, affirming that the market is getting optimistic about the prospects of Cardano.

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Source: Coinmarketcap

This optimistic trend is consistent with analysts’ projections, who have seen a breakout from a falling wedge pattern in the chart of Cardano. This positive technical pattern, which also indicates a reversal trend from down to up, indicates that ADA can achieve spectacular prices in the coming weeks. The initial target is $1.1378, then $1.3609, followed by $1.7743. These targets translate into possible gains of 26%, 51%, and 97%, respectively, above the point of the current breakout.

The price of ADA broke the upper trendline, with increased trading volume backing it, further affirming the power of the rising movement. The presence of the 200-day moving average crossover on the chart also supports the positive trend, while analysts expect that the rally of ADA may continue through mid-May.

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Source: X

Cardano Could Reach $1.66 by End of 2025

In the future, analysts predict that the price of Cardano is likely to continue growing, with others forecasting that it will go past the $1.66 value by the year 2025. Generally, in the overall market, ADA is expected to surpass the record high of $3.10, likely reaching figures of $1.47 to $1.66 before heading towards the next resistance areas.

This forecast is consistent with the bullish technical setup, but with the caveat that there is always volatility in the crypto space. The power of large players, or “whales,” cannot be discounted, as whale activity, i.e., accumulating millions of ADA tokens, can have an outsized impact on the direction of the market.

Cardano Founder Accused of Moving 318 Million ADA

Although technically Cardano is in good standing, it is controversial because of the founder, Charles Hoskinson. On May 7, NFT creator Masato Alexander accused Hoskinson of manipulating reserves at ADA during the network’s Allegra hard fork in 2021. According to Alexander, Hoskinson transferred 318 million ADA tokens, approximately $225 million worth, into the reserves of Cardano, and this move happened with little notice from the community.

Hoskinson denies the claims vehemently, terming them “libel and slander,” and threatens legal action against the spreaders. He clarified that the unclaimed token movement was part of the scheduled redemption plan after seven years since the issuance of ADA vouchers. He promised to publish an audited report to rectify the redemption plan and put the claims into perspective.

The debate polarized the community at Cardano, with part of it backing Hoskinson while the rest demanded more transparency. Although Hoskinson claims no money was stolen and everything was done according to procedure, the debate goes on, pointing out the difficulties of decentralized governance and responsibility in the crypto space.

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Cardano Price at Crossroads: Can ADA Hold $0.66, or Will It Crash to $0.50?

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  • Cardano is hovering near a key support level, with potential for either a breakout or further downside.
  • Whale activity shows significant ADA offloading, raising concerns about sustained bullish momentum.
  • The market remains indecisive, with key resistance at $0.70 – $0.72 and downside targets at $0.50 if support fails.

Cardano (ADA) is at a crucial turning point as the price flirts with a key support level. If the asset fails to reclaim this level soon, it could trigger a significant move, potentially leading to further downside or a strong breakout.

The current market structure indicates sideways movement with a slight upward trend, but momentum remains uncertain as sellers continue to apply pressure.bAt the time of writing, Cardano is trading at $0.6785, with a 24-hour trading volume of $1.30 billion and a market capitalization of $23.90 billion.

ADA 1D graph coinmarketcap 3
Cardano Price at Crossroads: Can ADA Hold $0.66, or Will It Crash to $0.50? 7

Despite a 0.29% price increase in the last 24 hours, ADA remains stuck within a narrow consolidation range, with support at $0.66 and resistance at $0.68. While a breakout attempt is forming, the market remains cautious.

Cardano Whale Activity Signals Caution

On-chain data from Santiment highlights significant whale movements, with large holders offloading nearly 200 million ADA tokens throughout March.

image 21 2
Cardano Price at Crossroads: Can ADA Hold $0.66, or Will It Crash to $0.50? 8

This heavy selling pressure raises concerns about ADA’s ability to sustain a bullish breakout. Historically, such whale activity has preceded increased volatility, which could influence ADA’s short-term direction.

Technical Indicators and Key Levels to Watch

Market analysts have identified $0.83 as a critical daily support zone, yet the broader price action remains bearish. Despite this support level, ADA continues to face downward pressure, reflecting uncertainty in market sentiment.

On the daily chart, ADA shows signs of persistent bearish momentum, indicating that sellers remain in control. The hidden support (LS) on the daily timeframe is holding within an uptrend but remains fragile, suggesting that any breakdown could lead to further losses.

The weekly neutral zone highlights indecisiveness in price action, as the market awaits confirmation of the next major move. This lack of direction keeps traders cautious, with both bullish and bearish scenarios still in play.

image 21
Cardano Price at Crossroads: Can ADA Hold $0.66, or Will It Crash to $0.50? 9

Meanwhile, the formation of the monthly candle hints at a potential bearish shooting star pattern. This suggests strong downward pressure from the open to the close, reinforcing concerns of a continued downtrend.

ADA Potential Price Scenarios

The Ichimoku indicator on daily and weekly timeframes suggests that ADA’s current support level is vulnerable. If the price fails to break above the $0.70 – $0.72 resistance zone, further declines could follow, with downside targets at $0.55 – $0.53 and, in a worst-case scenario, $0.50.

For bulls to regain control, ADA must decisively reclaim the $0.70 – $0.72 range and establish a new higher high. Until then, the market remains in neutral territory, with a risk of a bearish breakdown if key supports fail.

image 22
Cardano Price at Crossroads: Can ADA Hold $0.66, or Will It Crash to $0.50? 10

Traders and investors should closely monitor ADA’s response to the $0.66 level in the coming days. A confirmed breakdown could trigger increased volatility, while a successful reclaim could fuel a fresh bullish rally.

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Cardano (ADA) Whale Activity and Bullish Pennant Spark ADA Breakout to $1.74

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  • Whale Activity Fuels Cardano Growth as 30 Million Tokens Are Accumulated in 24 Hours
  • Bullish Pennant Pattern Suggests Potential ADA Breakout Targeting $1.74 Soon
  • Cardano Derivatives Volume Surges 50%, Indicating Rising Market Interest

Cardano (ADA) has recently sparked interest in the cryptocurrency market, with analysts noting a potential price rally above $1.7. Ali Martinez reports that whales have bought an additional 30 million ADA in the last 24 hours, signaling growing institutional interest. 

The latest analysis by crypto analyst TheMoonCarl highlights a bullish setup for Cardano, particularly in the context of its price chart. ADA is currently trading within a bullish pennant pattern, which could lead to a significant breakout and drive its price upward. The breakout could push ADA towards a target price of $1.74.

Bullish Pennant Pattern Suggests Potential Breakout

A bullish pennant pattern is forming on the daily chart of ADA. This pattern occurs after a sharp upward movement, followed by a period of consolidation. It suggests that the price may soon experience another upward surge. 

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Source: X

If ADA breaks above the resistance line of the pennant, it could confirm the bullish momentum. As the upper resistance and lower support lines converge, a breakout is expected soon. 

Analysts believe that this could lead ADA to test the $1.74 price level. Such a move would represent a significant gain from its current price of $1.03, where it is currently down by 1.06% in the last 24 hours.

Derivatives Market Activity and Trading Volume Surge

Recent Coiglass data from the derivatives market reveals significant trading activity around ADA. The total trading volume for Cardano derivatives has surged by 50.15%, reaching $2.81 billion. This increase indicates heightened interest from traders and suggests potential volatility in the near future. 

Moreover, open interest has risen slightly by 0.19%, bringing the total to $1.26 billion. This modest increase shows that while traders are actively participating, there hasn’t been a large influx of new positions.

However, the options market has experienced a sharp decline, with a 92.94% drop in options volume. This signals that traders may be focusing more on futures contracts than on options.

Market Sentiment and Liquidation Data

Market sentiment is further illustrated by the long/short ratio, which stands at 0.9327, showing a relatively balanced market. However, it slightly favors short positions. Liquidation data also provides insights into market dynamics. 

Over the past 24 hours, a significant $4.45 million in positions were liquidated, with $2.71 million coming from long positions. This indicates that some traders are being forced out of their positions as ADA’s price consolidates.

Technical Indicators Signal Bullish Momentum

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ADA/USD daily price chart, Source: Trading view

Technical indicators suggest that ADA is in a bullish zone. The Relative Strength Index (RSI) is currently at 62.90, signaling that the cryptocurrency is not yet overbought. A level above 70 could indicate overbought conditions, which might lead to a pullback. 

The Moving Average Convergence Divergence (MACD) is also showing bullish momentum, with the MACD line slightly above the signal line. Additionally, the histogram has turned positive, suggesting that the uptrend could continue if the momentum strengthens.