Cardano (ADA) is exhibiting significant bullish technical signals as its price consolidates near the crucial $0.55–$0.60 demand zone, suggesting potential for substantial upside momentum.
The emergence of a bullish Relative Strength Index (RSI) divergence signals strengthening buying pressure. Analysts highlight that ADA appears poised for a potential breakout above its descending channel resistance, located between $0.80 and $1.00, which would signify the end of its prolonged downtrend.
Renewed market optimism accompanies these technical indicators. Polling reveals a strong 93.8% of CoinMarketCap voters anticipating increased buying pressure should ADA sustain a breakout.
Further bolstering the bullish outlook, Elliott Wave analysis projects significant potential upside targets at $1.35, $2.00, and $3.20. This technical model suggests ADA may be transitioning into a new impulsive wave cycle.
Maintaining support above the $0.58 resistance level is identified as critical for confirming a definitive bullish trend reversal and initiating the anticipated upward phase.