- Cardano (ADA) is eyeing a 50% rally to $1.17 as it forms a bullish inverted head and shoulders pattern and Open Interest nears $1 billion.
- Charles Hoskinson’s defense of the off-chain voucher sweep adds confidence to ADA’s bullish outlook.
Cardano (ADA) could be on the verge of a major breakout as technical and market sentiment indicators align for a potential 50% rally. Trading at $0.821, ADA is eyeing a surge to $1.137, powered by a classic bullish technical setup and growing investor confidence.
The price structure on the 4-hour chart has formed an inverted head and shoulders pattern, a well-known reversal signal. With the neckline around $0.75 and resistance at $0.837, a breakout above this level could trigger a run toward the $1.17 region. Supporting this projection is a surge in Open Interest (OI), which recently jumped 6.6% to $987 million—just shy of the psychologically important $1 billion mark. This suggests increasing participation and bullish bets in the futures market.
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Technically, ADA’s indicators are aligning with the breakout thesis. The MACD hints at a potential bullish crossover, while the RSI has rebounded from the neutral zone in a sharp V-shape, signaling revived buying pressure. However, failure to hold above $0.75 could invalidate the bullish setup, potentially dragging the price down 20% to $0.647.
Adding fuel to ADA’s momentum is Charles Hoskinson’s recent clarification on the controversial “off-chain sweep” of unredeemed vouchers. The Cardano founder reiterated that moving the redemption process off-chain was a security-driven decision, minimizing the risk of fraud during the Shelley upgrade. He also emphasized that proper communication was maintained with affected users, pushing back against criticism of transparency.
In summary, Cardano is showing signs of life as bullish technicals, surging derivatives interest, and strong fundamental backing from Hoskinson converge. A confirmed breakout above $0.837 could be the trigger that sends ADA on a rally to retest $1.17—a 50% leap from current levels.
TL;DR: Cardano (ADA) may be gearing up for a 50% price surge toward $1.17, driven by a bullish chart pattern, near-$1B in Open Interest, and renewed confidence following Charles Hoskinson’s defense of off-chain redemption mechanisms.