Cardano exceeds $ 0.74 – does a $ 1 rally follow?
Cardano (ADA) climbed by 3.8% in the last 24 hours and reached $ 0.736, since a combination of technical breakthrough, bitcoin moment and a top-class treasure change from Input Output Global (IOG) heated up the upward mood.
On July 13, Ada broke the resistance brand of $ 0.74 – a barrier that had held since May – and thus signaled a possible trend reversal. The outbreak triggered algorithmic purchases and a cascade of empty sales, which caused the price to increase by over 27% this week.
According to the crypto analyst Ali Martinez, Cardano now breaks an important resistance and thus opens the door for a rally to $ 0.90- $ 1.20 ″. Be Chart Shows that ADA has escaped a downward downward channel that restricted the asset since the beginning of 2024. The outbreak marks a change in the market structure and could signal the beginning of a new upward trend.
The Ministry of Finance continues to heat the rally
The dynamics of the Cardano ecosystem received buoyancy after the IOG suggested that ADA value $ 100 million from the community fund in Bitcoin and stable coins to finance the development of Defi. The controversial but forward-looking step triggered an intensive debate, but ultimately signaled a proactive treasury management.
Charles Hoskinson, the founder of Cardano, strengthened the trust of the community with a mocking answer to bear critics to X, just a few days after the proposal. ADA was able to maintain his profits after the announcement, which indicates the support of the market for the initiative.
Wider market mood adapts
The outbreak of Cardano coincides with the increase in Bitcoin over $ 118,000, which improves the mood in the most important old coins. The 24-hour trading volume of ADA was $ 1.43 billion, despite a decline of 36% compared to the previous day, which indicates a shift in speculative trade to long-term accumulation.
The market capitalization of the assets has now exceeded $ 26 billion and secures its position as a tenth largest cryptocurrency according to value. With a circulating range of 35,38 billion ADA, retailers expect another upward trend if the dynamic stays above the threshold of $ 0.74.
outlook
If ADA maintains the support above $ 074, the next upward targets are $ 0.90 and $ 1.00, whereby a resistance is expected at $ 1.20, based on Martinez 'Fibonacci projection. A return of network activity and institutional trust could help to maintain the rally, especially if Bitcoin stabilizes about its all -time highs.
