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The Cardano price soared 16% in the last 24 hours to trade at $0.93 as of 02:46 a.m. EST on an 18% surge in trading volume to $4.4 billion.
This rise in the ADA price comes as Cardano founder Charles Hoskinson has pushed back against nationality rumors, calling the speculation unfounded.
Responding to a tweet that claimed he is Canadian, Hoskinson sarcastically reaffirmed in a video that he was born in the US and has lived there his entire life.
https://t.co/HvCSRAtRKn pic.twitter.com/l7SSBiHGIz
— Charles Hoskinson (@IOHK_Charles) March 4, 2025
Cardano Price Analysis: Bullish Breakout With Strong Momentum
The ADA price has exhibited a strong bullish breakout from a falling channel pattern, a well-known reversal pattern that typically signals the end of a downtrend.
After a period of consolidation within the wedge, the Cardano price has surged upward, breaking past key resistance levels.
The breakout was accompanied by a substantial increase in volume, reinforcing the strength of the move.
The chart shows that ADA was previously in a downtrend, forming lower highs and lower lows within the wedge. However, the breakout suggests a shift in sentiment, with buyers taking control of the market.
The fact that the price of ADA is trading above both the 50-day and 200-day Simple Moving Averages (SMAs) is a strong bullish signal, as it indicates that the asset is in an uptrend across different timeframes.
Meanwhile, the Relative Strength Index (RSI) is currently at 57.13, indicating that ADA is in bullish territory but not yet overbought, as GeckoTerminal data shows.
This suggests that there is still room for further upside before the asset becomes overheated. If the RSI moves above 70, it could indicate overbought conditions and a potential short-term pullback.
The Moving Average Convergence Divergence (MACD) indicator shows bullish momentum, with the MACD line crossing above the signal line.
Additionally, the histogram is turning positive, further confirming the bullish trend. If this momentum continues, ADA could sustain its upward trajectory.
ADA Price Prediction
With ADA breaking out from a falling wedge and surpassing key moving averages, the next resistance level is around $1.10, aligning with the previous local highs.
If the bullish momentum continues, ADA could attempt to reach this level in the short term. A confirmed breakout above $1.10 could push prices even higher, potentially targeting $1.20 and beyond.
On the downside, if ADA faces rejection, key support levels to watch are $0.90 (previous resistance turned support) and $0.85 (50-day SMA). As long as ADA remains above these levels, the bullish trend remains intact.
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