Cardano Remains Above Key Support as Analyst Anticipates Price Surge

Cardano (ADA) is currently priced at $0.71, with technical analysis suggesting potential upward movement. Key points include:

Despite a 45% retracement from its late-2024 peak, ADA has maintained a rising trend-line since the 2020 market downturn.
The recent dip found support within a demand band of $0.57 to $0.78, forming a higher low without closing below this zone.
ADA is trading above the 50-week exponential moving average, which previously supported a breakout in March 2024, leading to a high near $1.31.
The upper boundary of the current channel is around $1.50, indicating potential for upward price movement if the demand zone holds.
Momentum indicators show mixed signals; the weekly relative-strength index is at 49, while the Wave-Trend Oscillator is attempting a bullish cross after being oversold.
ADA remains in a sequence of higher highs and lows, indicating an overall bullish structure as long as it respects the key support levels.
Resistance levels are noted around $0.81, $1.31, and $1.50; breaking these could signal significant price increases.

At the time of reporting, ADA was trading at $0.709.