Cardano (ADA) Shows Bullish Signals Near $0.58 Amid Potential Breakout Toward $1.35 and Higher

Key Points

1. Cardano (ADA) is holding near the $0.55–$0.60 demand zone, with a bullish RSI divergence indicating potential upward momentum.

2. A breakout above the descending channel’s resistance ($0.80–$1.00) could confirm the end of ADA’s downtrend and attract renewed buying interest.

3. Market sentiment has improved, with 93.8% of CoinMarketCap voters expressing confidence in ADA’s buying pressure during a breakout.

4. Elliott Wave analysis identifies key upside targets at $1.35, $2.00, and $3.20, suggesting ADA may be entering a new impulsive wave phase.

5. Sustaining support above the $0.58 resistance level is crucial for confirming a trend reversal and initiating a bullish phase.