Cardano – Why ADA’s rally to $1.20 may be just beginning

Key Points

1. Cardano (ADA) saw a 4.88% price gain in 24 hours, with daily trading volume increasing by 74%.

2. Key Fibonacci retracement levels suggest support at $0.673, with resistance levels at $1.03 and $1.2 as potential targets.

3. The CMF (Chaikin Money Flow) at +0.06 indicates significant buying pressure, and the MACD remains above the zero line, signaling bullish momentum.

4. The $0.78 level, previously a resistance, now acts as a support, reinforcing the bullish outlook for ADA.

5. Despite Bitcoin's struggle to break the $117.5K resistance, Cardano's technical indicators suggest a continued rally is likely.