thecoinrepublic.com
Cardano price is gaining momentum, with analysts predicting a potential breakout toward $2. ADA price has surged 1.79% in the past 24 hours, reflecting renewed investor confidence as Bitcoin reclaims the $87,000 mark.
Crypto analyst CW has identified a major buy wall at the current ADA price range, suggesting that Cardano could be gearing up for a strong rally.
Analyst Identifies Key Buy Wall, Resistance at $1.9
ADA price is currently trading around $0.7239 after forming a rounding-bottom reversal pattern on the daily chart. This bullish setup suggests strong buying activity near the $0.70 psychological level.
However, Cardano price faces a significant resistance at $1.9, where a sell wall has been identified. If buyers gain control, a breakout above this level could push the ADA price toward $2.
Crypto analyst CW has emphasized that the current price range acts as a buy wall, signaling accumulation before an upward move.
The technical setup also hints at a potential cup-and-handle formation, which historically precedes strong bullish breakouts. If the ADA price surpasses the $1.9 resistance, the measured move projection indicates a possible surge beyond $2.
Bitcoin’s Recovery Boosts Cardano Price Momentum
Bitcoin’s climb above $87,000 has reignited bullish sentiment across the crypto market, with ADA price among the top gainers. Historically, Cardano’s price has shown a strong correlation with Bitcoin’s performance.
When BTC rallies, ADA and other major altcoins tend to follow, benefiting from increased liquidity and investor interest.
Cardano’s recent price action aligns with this trend, as the token has registered consecutive green candles. If Bitcoin continues its upward trajectory, ADA price could ride the wave and aim for its next key target at $1.
Futures Data Confirms Bullish Sentiment
On-chain metrics indicate rising bullish sentiment in the Cardano market. According to Coinglass Data, Open interest in ADA futures has surged to $785.91 million, signaling increased trader activity.
A rise in open interest often suggests that investors are taking leveraged positions in anticipation of a strong move in ADA price.
Additionally, the funding rate of ADA futures indicates that, there is equal demand to go long and short on ADA. This means that bulls are confidently building up their positions instead of experiencing a sharp downward movement in the price.
If open interest continues to rise, it could pump up buying pressure further, paving the way for the Cardano price to break through.
Will ADA Price Surge Toward $2?
Cardano price is at a critical juncture. On the bullish side, ADA’s technical structure and market conditions suggest that an uptrend is forming. If ADA price breaks the $1.9 resistance level, a breakout to $2 could happen swiftly.
On the bearish side, failure to break the identified resistance level is expected to cause a formation of consolidation.
A test to the bearish region of $0.70 will likely cause the bulls to go into the accumulation phase. However, more so with Bitcoin’s current strength and continuous rising in futures interest, an upside potential remains open.