Cardano (ADA) recently surged 29%, challenging the critical 200-day Simple Moving Average (SMA) resistance at $0.749. This technical level serves as a key benchmark for determining medium-term market trends in the cryptocurrency sector.
Analyst Ali suggests a decisive breakout above the 200-day SMA could propel ADA toward higher resistance zones, with potential targets at $0.90 and $1.20. The price movement aligns with positive market sentiment and growing ecosystem adoption.
Cardano founder Charles Hoskinson contributed to the bullish outlook by predicting a transformative bull market, including Bitcoin reaching $250,000. Hoskinson forecasted ‘trillions’ of dollars flowing into altcoins like Cardano, emphasizing the potential scale of capital movement into alternative cryptocurrencies.
ADA’s recent technical performance reflects strengthening confidence in its network fundamentals. The simultaneous price surge and resistance test support Hoskinson’s vision of substantial capital shifts during this market cycle.