Cardano Price Targets $1.48, Will It Reclaim Bullish Momentum?

Cardano price has gained attention from buyers due to its recent surge after breaking out of a multi-month consolidation phase around the $0.70 level. The recent break above $0.80 has triggered positive technical signals for future growth.

Analysts are paying attention to see if ADA price can sustain momentum for a rally to higher resistance levels.

Cardano Price Targets $1.48

Recently, Cardano (ADA) price broke out of a rounded base, and analyst BitMonty has pointed out the likely targets of $1.1032, $1.3127, and $1.4846. Usually, the rounded base is a classic bullish continuation pattern. Remarkably, the recent break above $0.80 aligns with price patterns from earlier market gains.

Moreover, according to World of Charts, Cardano price has broken out of a long descending channel. In October 2024, ADA price surged over 3x from a similar structure.

The current outlook points to a bullish trend reaching $1.3730, and there could be more upward movement toward $1.4846 if the current progress continues.

Meanwhile, hitting the $1.00 level on the daily or weekly chart might signal that the price is headed higher. The success of this altcoin breakout is tied to trading volume and investor interest in the cryptocurrency.

What’s Next for Cardano Price Amid Mixed Market Signals?

The main technical indicators have improved, yet the derivatives markets have struggled. In the last 4 hours, a total of $943,000 worth of assets have been liquidated in Cardano.

The sharp increase in liquidations matched the fall in the recent Cardano price, suggesting short-term traders abandoned their highly leveraged positions.

The funding rate has gone down from 0.0212% to 0.0107%, suggesting that there are fewer bullish traders in the market. Open interest still saw a 3.76% increase in the past 24 hours to $911.68 million. Therefore, activity in the market is healthy even though people are temporarily not feeling as confident.

However, traders on Binance and OKX still consider the long/short ratio bullish. Binance’s top trader ratio is 3.12, but the result from position-based data is 2.12. OKX reports a ratio of 2.3. Even with recent volatility, large traders believe Cardano prices will go up.

Ecosystem Growth Fuels Long-Term ADA Demand

Beyond price action, Cardano’s ecosystem continues to grow steadily. According to Messari, Cardano’s stablecoin market cap grew by 30% in the latest quarter, reaching $30 million.

This growth was mainly due to Anzen Finance launching the USDA stablecoin.

DeFi on Cardano saw a 13% increase, while ADA held in the treasury rose by 5%. The data revealed that more traders are using and taking part in applications built on Cardano. With the use of the constitution, Cardano’s governance has become more decentralized because of DRep participation.

Similarly, Cardano’s market capitalization was $27.44 billion, and its fully diluted valuation was $34.96 billion. The circulating supply of ADA stands at 35.32 billion, whereas the maximum supply is 45 billion. The current volume-to-market cap score showed an average market engagement of 5.01%.

At the time of writing, Cardano price traded at $0.76, down 2.6% over the past 24 hours. This decline followed an intraday high near $0.84. Interestingly, if ADA price remains above $0.75 and continues rising, it will remain possible to reach $1.1032 and beyond.

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