Cardano (ADA) surged to $0.852, marking a 7% daily and 20% weekly gain after breaking through the critical $0.74 resistance. Analysts now eye $1.18–$1.31 targets if ADA closes daily above $0.85, with Ali Martinez noting this breakout could propel prices toward $1.31 based on market structure. Marcus Corvinus highlighted $0.77–$0.82 as a key zone, with $0.68 and $0.58 serving as major support levels.
Bullish momentum is reinforced by record Open Interest (OI) of $1.65 billion—a 16% 24-hour increase—signaling heightened trader confidence. On-chain metrics further support optimism: the Age Consumed indicator shows minimal movement of older tokens (just 250M ADA vs. 130B in June), indicating long-term holder conviction. The 60-day MVRV ratio at 22.91% remains below historical danger zones, suggesting room for growth akin to April’s 35% rally.
Technically, ADA’s 20-day EMA completed a rare triple golden cross above the 50-day, 100-day, and 200-day EMAs, confirming strong momentum. However, bearish RSI divergence on 4-hour charts hints at short-term consolidation near the $0.86 Fibonacci resistance. A drop below $0.78 would invalidate the near-term bullish structure.