• Cardano (ADA) rises 17.54% in 24 hours, with trading volume hitting $3.46 billion, signaling market strength.
• The price surge of 35.7% in the past week reflects high investor confidence and strong bullish sentiment.
• A potential breakout above $1.20 could lead ADA toward a larger target of $2.90, supported by strong market momentum.

Cardano (ADA) is currently trading at $0.9996, representing a 17.54% increase over the past day. It experienced a 59.17% increase in trading volume, reaching $3.46 billion. This growth is indicative of a market that is robust and has increased investor confidence. A strong market sentiment is indicated by the bullish price trend of ADA.

Source: CoinMarketCap

Over the last week, the ADA coin price has gone up by 35.7%. Such a jump is indicative of high investor confidence. This steady move upwards shows that the market is bullish on Cardano.

ADA Set to Break $1.20 and Surge Toward $2.90

Javon Marks, a crypto analyst, highlighted that ADA is moving sharply upwards. He emphasized that there is a strong probability that Cardano will soon break the $1.20 barrier. After this, ADA should resume ascending towards the larger target of $2.90, which is approximately 200% higher than its current value.

Source: X

Moreover, another analyst, More Crypto Online, mentioned that Cardano has exited its hibernation period. According to the analysts, the lows from August are holding steady, and ADA is targeting a rise to reach $1.25. This is an indication that investor sentiment has positively changed. As the trend line solidifies, ADA could potentially position itself for significant gains.

Source: X

Also Read: Shiba Inu Price Breakout Signals Bullish Targets Toward $0.00002500

RSI and MACD Point to Bullish Momentum Ahead

The RSI of Cardano is 74.52, confirming that the digital asset is in the overbought zone. This shows that there may be a pullback or consolidation in the near future. Nonetheless, the 14-day RSI of 54.32 stands as neutral, which indicates neutral market conditions. 

The MACD line is at 0.0378, and the signal line is at 0.0200. The bullish divergence between these two lines indicates that their performance is expected to improve. The bullish trend is becoming stronger, as seen in the rising bar of the green MACD histogram. In the short term, ADA is likely to continue its positive trend.

Source: TradingView

Open Interest Rises, Signaling Continued Market Momentum

According to CoinGlass data, the trading volume increased by 91.58%, up to $6.18 billion. However, the open interest also increased by 26.69%, reaching $1.84 billion. The OI-weighted funding rate is 0.0113%. These values indicate that ADA can keep on rising after gaining confidence among investors.

Source: CoinGlass

The investor confidence and market momentum are growing actively, enhancing Cardano’s growth. The target price is pegged at important levels of $1.25 in the short term and $2.90 in the long term. Cardano is a cryptocurrency that should be monitored in order to increase its value, as the bull run is still active.

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