Cardano (ADA) experienced notable upward momentum today, with its price increasing 4.88% over the last 24 hours. This rise was accompanied by a substantial surge in daily trading volume, climbing 74%, indicating heightened market interest and activity around the cryptocurrency.
Technical analysis points towards potential further gains. Fibonacci retracement levels derived from ADA’s recent price movements suggest support could be found around $0.673. Conversely, upside targets are projected at $1.03 and further out at $1.20.
Analysts point to several bullish technical indicators. The Chaikin Money Flow (CMF) suggests significant buying pressure within the ADA market, while the Moving Average Convergence Divergence (MACD) is nearing a potential bullish crossover. ADA’s current position near $0.78, a level that previously acted as resistance, is seen as a potential buying opportunity, provided the price maintains support above the $0.755 threshold.