Cardano Price Prediction: $970M Bets Point to ADA Rally Toward $0.685
Cardano (ADA) is back on the move, currently at $0.625 after breaking out of the falling wedge. This is in line with the broader crypto...
Quick overview
- Cardano (ADA) is currently trading at $0.625 after breaking out of a falling wedge, aligning with a bullish sentiment in the crypto market.
- Open interest in Cardano has surged by 13.66% in the last 24 hours, indicating increased capital inflow and confidence from traders.
- The technical setup remains bullish, with ADA above the 50-SMA and potential resistance at $0.640, which could lead to further price increases.
- A break above $0.640 with volume would confirm a continuation setup, while a pullback to $0.608 could offer a lower risk re-entry opportunity.
Cardano (ADA) is back on the move, currently at $0.625 after breaking out of the falling wedge. This is in line with the broader crypto market sentiment which is bullish after Bitcoin reached all-time highs.
On-chain data and derivatives flow shows ADA isn’t just riding the wave, it’s attracting new capital. According to CoinGlass, open interest in Cardano has increased 13.66% in the last 24 hours to $970.59 million.
What’s interesting here is not just the volume but the direction: of the $4.10 million liquidated, $3.8 million were short positions, meaning forced exits as price momentum flipped bullish.
Derivatives Metrics:
- Open Interest: $970.59M (+13.66%)
- Liquidations: $4.10M (mostly short)
- Long-to-Short Ratio: 1.03 (bullish)
This positioning shows growing confidence from both retail and institutional traders and may be fueling the next leg up.
Cardano (ADA/USD) Technical Setup Remains Bullish Above $0.608
The 4H chart shows ADA inside a rising parallel channel and the bullish structure is intact. Price has reclaimed the 50-SMA ($0.586) and is above it—often a sign of sustained momentum.
ADA is consolidating just below $0.640, a resistance level that if broken could trigger a move to the next zone of interest at $0.685. Candlestick behavior has shown strong green candles with minimal upper wicks—signs of strong buying.
Cardano (ADA/USD) Technicals:
- Price above 50-SMA and above $0.608
- RSI near 72, overbought
- Channel resistance targets: $0.654, then $0.685
So far no reversal patterns like shooting star or bearish engulfing candle—only strength. But overbought RSI means a small pullback can’t be ruled out before continuation.
Cardano (ADA/USD) Trade Setup: Breakout or Retest
This is a clean continuation setup with strong trend support.
Primary Long Setup
- Entry: Break and close above $0.640 (4H candle body)
- Stop-loss: Below $0.608
- Target 1: $0.654
- Target 2: $0.685
A break above $0.640 with volume would be the confirmation. Wait for a strong green candle before entry.
Cardano Retest
If price pulls back and forms a hammer or bullish engulfing at $0.608, that would be a lower risk re-entry.
In my experience when ADA hugs the top of a rising channel and stays above 50-SMA and prior resistance levels, the next move is usually another leg up—unless rejected by a long upper wick and volume divergence.
A break below $0.586 would be the setup invalidation and bulls are losing steam.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save