Cardano (ADA) has reclaimed the critical $0.78 support level with strong volume, sparking bullish technical analyses targeting $1.19 and potentially $4.00. Chartist Tom Tucker identified an inverse head-and-shoulders pattern forming after ADA bounced from $0.72, with higher lows since early July creating an ascending triangle on the 4-hour chart. A decisive breakout above the $0.88 resistance could trigger a move toward $1.19, supported by volume spikes in spot markets.
Analyst CryptoSmith0x highlighted a massive cup-and-handle pattern developing since Cardano's 2022 peak, with the handle forming near $0.50-$0.60. A confirmed close above the $0.92 neckline could catalyze a parabolic surge to $4.00 – a 4x upside. Dan Gambardello reinforced this outlook, noting similarities to ADA's pre-bull-run structure in 2021.
Fundamentally, founder Charles Hoskinson emphasized Cardano's technological edge over Bitcoin during a recent interview, citing superior scalability, governance, and adoption in Asian and African markets. This aligns with network growth, including Cardano's DeFi ecosystem surpassing $100 million in total value locked (TVL). On-chain data shows flattening exchange balances and accelerating wallet growth, suggesting whale accumulation is concluding.
Despite current hesitation below $0.88, Minswap's analysis confirms a long-term descending channel breakout in mid-July. The structure remains valid if ADA holds above $0.76, with a retest potentially fueling the next upswing toward $1.19.