Cardano’s Recovery Gains Momentum – ADA Poised for Breakout Above Key Resistance!

Cardano (ADA) is experiencing a potential price recovery as of February 24, 2025, following a period of selling pressure. The cryptocurrency is currently trading at $0.7809, with signs of bullish momentum indicating a possible breakout above the key resistance level of $0.83.

Cardano has recently demonstrated a shift in market sentiment, as indicated by its trading patterns and increasing buyer interest. The cryptocurrency is forming an ascending triangle, which typically signals accumulation and potential upward movement. The current trading price of $0.7809 reflects a 1.08% increase, despite a decrease in trading volume over the past 24 hours.

Key metrics show a rise in Cardano’s 24-hour Open Interest by 2.09%, and the long-short ratio has reached a neutral zone of 0.92. This suggests that traders are beginning to take positions in anticipation of a price increase. Additionally, the Weighted Funding Rate has turned positive, indicating growing demand for long positions.

Further supporting this bullish outlook, data from IntoTheBlock reveals that the bid-ask volume is at 68.09%, with predominantly bullish signals. Active addresses on the Cardano network have also increased over the past 72 hours, reflecting heightened market participation. If the upward momentum persists, analysts predict ADA could break above the $0.83 resistance level, potentially reaching $0.90 and even the psychological level of $1.00.

In summary, Cardano’s current price movement and market indicators suggest a recovery phase, with the potential for further gains if buyer interest continues. The cryptocurrency’s technical setup and positive market signals indicate that ADA could soon test significant resistance levels.