- Cardano’s $0.80 support, aligned with the 0.618 Fibonacci retracement, remains crucial for its bullish momentum and continued price gains.
- Volume inflows indicate strong accumulation, which supports Cardano’s bullish trend and the potential for a push towards $1.19 and $2.16.
- ADA’s market structure remains favorable, with higher highs and lows confirming the ongoing bullish trend as long as key support levels hold.
Cardano’s price remains bullish despite ongoing corrective moves, holding the critical $0.80 support level. The $0.80 mark has proven resilient, supported by the 0.618 Fibonacci retracement and key moving averages. As long as this support holds, the path towards higher prices remains intact. Traders are watching for a potential rally toward $1.19, with the broader extension target sitting at $2.16.
Cardano has been bouncing strongly from the $0.80 region in recent weeks, confirming this level as a critical support base. The $0.80 zone is particularly important, as it aligns with the 0.618 Fibonacci retracement, often acting as a turning point between corrections and continued upward movement. Additionally, the level coincides with the leading moving average, creating further confluence that supports bullish sentiment.
Upside Targets Eyeing $1.19 and $2.16
The immediate upside target for ADA is the $1.19 resistance zone. This level represents the next point of interest where price action has previously faced strong supply. If Cardano can break through this resistance, it will confirm the continuation of its bullish market structure. Beyond $1.19, the market could extend its move toward $2.16, marking a significant upward projection for the cryptocurrency.
Source:TradingView
A key factor supporting this bullish outlook is the strong volume inflows seen in recent weeks. These inflows suggest that there is demand for ADA at lower prices, particularly around the $0.80 support level. The inflow of buying pressure indicates that investors are accumulating, reinforcing the idea that higher highs and higher lows are likely. However, for the bullish trend to continue, sustained volume levels are necessary to avoid potential pullbacks.
Momentum Builds as $0.80 Holds
As Cardano holds the critical $0.80 support, the bullish structure remains intact. The market is likely to continue testing higher levels, with $1.19 resistance being the next major target. If momentum builds further, the possibility of a move toward $2.16 becomes increasingly plausible. With growing optimism, especially surrounding potential collaborations within the DeFi space, Cardano’s market sentiment continues to lean toward upward movement.
