Cardano Eyes $0.78 Breakout After 7% Price Spike and Bullish Chart Signals

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Key Takeaways:

• Cardano is nearing the $0.78 resistance with growing trader confidence and bullish chart signals.
  
• On-chain indicators suggest a potential move toward $0.84 and even $1.00 if the breakout confirms.
  
• Cardano Foundation’s launch of Reeve and the $BEST presale add further momentum in the broader crypto ecosystem.

Cardano (ADA) is back in the spotlight as its price inches closer to the critical $0.78 resistance level. After weeks of range-bound trading, ADA has gained bullish momentum, sparking renewed interest from traders and analysts alike.

Cardano Price Builds Momentum After Breakout

Cardano recently broke out of a long-term downward channel near $0.63, flipping the area into support. Since then, ADA has steadily climbed, with multiple higher lows forming on the chart—an encouraging signal for bulls. Over the weekend, ADA maintained a price above $0.73 and even spiked by 7%, further indicating upward pressure.

Volume has also started to increase during price rallies, typically a sign of active buying. A double bottom pattern appears to be forming, with the neckline just under $0.80—another bullish indicator that could trigger a larger move if confirmed.

Trader Sentiment Shifts Bullish as Indicators Align

Data from Binance reveals that long positions on ADA are increasing, especially among large accounts. Meanwhile, short positions are declining, suggesting traders expect a breakout above the $0.78 level.

Technical indicators back up this outlook. The Relative Strength Index (RSI) has climbed above 70, a sign of strong momentum. Additionally, the MACD remains in a positive crossover, with no current signs of slowing down.

Should ADA successfully clear $0.78, analysts suggest $0.80 and $0.84 as the next targets—potentially paving the way toward the psychologically important $1.00 mark. However, if support at $0.73 fails, ADA may pull back to $0.68.

Cardano Foundation Launches Reeve Middleware

Away from price action, the Cardano Foundation has launched Reeve, an open-source middleware tool that links blockchain technology to traditional enterprise systems (ERP). The initiative aims to accelerate blockchain adoption in business operations, providing another bullish narrative for ADA’s long-term potential.

Also Read: Cardano (ADA) Breaks Falling Channel, Eyes $0.86 as Bullish Momentum Builds

Outside of ADA, investors are flocking to Best Wallet, a non-custodial, multi-chain crypto wallet making waves in the $11 billion wallet market. Powered by the $BEST token, Best Wallet supports Ethereum, Bitcoin, BNB Chain, Polygon, and 60+ other networks.

The ongoing presale has already raised $13 million, with tokens priced at $0.025335. Features include ultra-low fees, cross-chain swaps, 98% annual staking rewards, early access to new projects, and potential Coinbase listing speculation.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.