- Cardano bulls target $1.20 as ADA nears crucial resistance.
- Analyst says breaking $0.88 could spark a strong ADA rally.
- Hoskinson highlights upgrades while ADA eyes breakout above $0.88.
Cardano (ADA) is building bullish strength after gaining more than 3% in the past hour and trading at $0.83. The recovery from a daily low of $0.7964 has encouraged buyers as the token tests a key resistance level.
According to analyst Ali Martinez, ADA is approaching the $0.88 barrier that could decide its next major move. A close above this zone may confirm bullish momentum and signal a rally toward higher price targets.
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Technical Levels Driving the ADA Rally
Martinez highlighted that Cardano has been trading inside an ascending channel since mid-June. Fibonacci retracement levels provide key signals for traders. Immediate resistance is set at $0.8789, aligned with the 0.786 Fibonacci level. A successful breakout above this point could pave the way for a push toward $0.96.
If momentum continues, ADA could next test $1.05 at the 1.1019 Fibonacci extension. A further move higher may bring the token to $1.23 at the 1.272 Fibonacci extension, representing nearly a 50% upside from current levels. On the downside, support remains firm at $0.78, while deeper pullbacks could find buying interest at $0.72 and $0.66.
Ecosystem Developments Boosting Confidence
Cardano founder Charles Hoskinson recently reinforced his confidence in the project during an AMA session. He stated that he wants Cardano to succeed against Ethereum and urged developers to expand the ecosystem. He also pointed to the upcoming Glacier update as a key development.
The update will introduce the Hydra protocol, improve smart contract functionality, and launch the Midnight token. These upgrades are designed to improve scalability and strengthen Cardano’s presence in decentralized finance.
Ethereum still holds a dominant position with a $532 billion market cap and more than $91 billion locked in its network. Cardano, by comparison, has a $28 billion market cap and $362 million in total value locked, according to DefiLlama.
Cardano is testing critical resistance levels as bullish momentum builds. A decisive break above $0.88 could validate a rally toward $1.20, placing ADA in a stronger position within the market.
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