- Cardano (ADA) is gaining bullish momentum, surging past $0.72 with short liquidations and technical indicators pointing to further upside.
- If ADA maintains this pace, a breakout toward the $0.80 level looks increasingly likely.
Cardano (ADA) is showing strong signs of a bullish breakout, and traders are watching closely as the price inches toward the key $0.80 resistance level. With sentiment turning sharply in favor of the bulls and a surge in short liquidations, ADA may be primed for a significant move upward.
At the time of writing, ADA had rebounded sharply from the $0.66 support zone to trade around $0.7226—a 6.22% daily gain. This rally brought it to the upper resistance of a descending parallel channel, a level that has historically capped upside attempts. However, if bulls maintain control, a breakout could propel ADA to the $0.75–$0.85 range.
Also read: PENGU Price Surges 24% – Can It Break the Key $0.0141 Resistance Level?
Data from CoinGlass underscores the bullish pressure. In the last 24 hours, over $880K in ADA shorts were liquidated, with Binance alone accounting for $421K. In contrast, only $25.53K worth of long positions were wiped out. A dense cluster of liquidations between $0.74 and $0.75 may serve as a near-term price magnet if momentum holds.
On-chain metrics offer a mixed, but cautiously optimistic picture. While large transactions over $1 million have plunged by more than 80%, indicating a pause from whales, this also suggests the rally is currently retail-driven. The reappearance of institutional buyers could ignite the next leg up.
Meanwhile, Santiment’s MVRV Ratio has surged to +13.34%, showing that holders are sitting on increasing unrealized profits. While this could spark some profit-taking, the metric remains well below the 25% level that typically triggers heavy selling.
Technically, ADA has reclaimed the 0.618 Fibonacci level at $0.6921 and now targets the 0.786 level at $0.7186. If the rally continues, the next upside objectives lie at $0.7523 and potentially $0.8498.
Momentum indicators, liquidation dynamics, and improved market sentiment all hint at a possible breakout. If ADA can hold above $0.72, the road to $0.80 may be closer than it appears.
