The post Cardano Eyes Golden Cross Breakout—Can ADA Surge to $1.20 Next? appeared first on Coinpedia Fintech News
Cardano is gaining bullish momentum as the market builds, signalling the potential for a decisive upside move. Price action is steadily pressing toward a critical resistance zone, with buyers showing renewed strength. A sustained push from current levels could pave the way for the ADA price to test the $1.20 mark, a threshold that may trigger heightened interest and fuel further gains. With sentiment improving and volatility on the rise, ADA’s short-term trajectory appears primed for a continuation toward higher valuation levels.
The ADA price is coiling up, making less noise, which has helped the token to break out of the prolonged bearish trend. With this, the price is consolidating just below the $0.8 to $0.85 resistance and the trendline; a confirmed breakout could trigger a move toward $1.50. The question now arises: Is this breakout on the horizon?
Traders Turn Optimistic on Cardano
The on-chain readings suggest the traders are turning optimistic as the open interest has marked a new ATH.
The Open Interest has seen a sudden rise since the November 2024 breakout and has been scaling high, and has almost reached $1.80 billion. The rising open interest indicates growing bullish sentiment among the traders, which could be a bullish signal for the ADA price.
Will ADA Price Rise above $1 This Week?
The Cardano price appears to have completed the correction after a breakout, suggesting a bullish wave is about to begin.
The above chart shows the ADA price broke out from the descending parallel channel, and after a small correction, the price has triggered a rebound. Interestingly, this rebound has turned the indicators bullish, hinting towards a potential breakout. The 50/200-day MAs are heading for a bullish crossover, called the Golden Cross, that previously resulted in a 120% rise. On the other hand, the MACD has also displayed a similar crossover, which suggests buying pressure is about to coil up.
Considering the previous chart patterns and the current market conditions, Cardano (ADA) price is primed for a breakout above $0.9 at any time from now. However, securing $0.92 could pave the way for a larger breakout above $1 and reach $1.12
