Cardano Shows Potential for Rally Toward $0.90–$1.20 After Breaking $0.74 Resistance

Key Points

1. Cardano's ADA token surpassed the $0.74 resistance, reaching a two-and-a-half-month high near $0.777 before consolidating around $0.74.

2. Technical analysis indicates ADA's breakout is supported by Fibonacci retracement levels, with $0.6286 and $0.8442 as key levels.

3. ADA's 29% weekly gain outperformed major cryptocurrencies, driven by positive investor sentiment and ecosystem expansion, including a $100 million DeFi proposal by Input Output Global (IOG).

4. Cardano founder Charles Hoskinson forecasts substantial growth for ADA, aligning with broader market optimism and network upgrades.

5. The breakout positions ADA for a potential rally toward $0.90–$1.20, with the 200-day SMA at $0.749 as a critical support level.