Cardano Price Builds Momentum Toward Possible $0.80 Resistance Test

Cardano's (ADA) price is currently near $0.6511, with minimal fluctuations over the past 24 hours. This movement shows a 0.03% decrease in price, accompanied by a 0.02% decline in market capitalization to $23.34 billion. The 24-hour trading volume also fell sharply by 14.32%, now totaling $722.5 million.

The price chart for ADA shows intraday volatility, ranging from $0.645 to $0.657. These levels represent the key areas of support and resistance established during the current trading cycle. 

With a total supply of ADA approaching 45 billion and a circulating supply of 35.85 billion, market participants are still focusing on short-term signals rather than broader long-term indicators.

Key Chart Patterns Point to Upcoming Movement

Technical analysts note that Cardon is moving in a long-term wedge pattern. According to analysts' data from BitcoinSensus and Rafaela (via X), the structure of ADA exhibits a multi-year accumulation pattern with the price compressed between converging trendlines. The $0.7 price level now appears as a very significant resistance level. A confirmed move above this level could see the price move toward the $0.80 region.

In addition, analysts observe a possible inverse head-and-shoulders pattern on lower timeframes. The pattern's neckline aligns with the current price level near $0.65. A daily close above this point could indicate a bullish move, targeting the $0.75 to $0.80 range.

Momentum indicators are indicating a potential recovery. Increasing open interest in futures markets, along with a golden cross between short-term and long-term moving averages, supports the case for a renewed upward trend. Furthermore, these signs suggest that traders and institutions may be buying ADA at current levels.

Network Developments and Community Growth Sustain Momentum

Along with renewed momentum, Cardano has processed over 115 million transactions, highlighting its active ecosystem. The network has also introduced domain names and announced updates, such as Ouroboros Leios, to enhance scalability and security. These advancements have sparked renewed interest in Cardano's RWA initiatives and the Midnight sidechain.

Community metrics further enforce network strength. Data from TapTools ranks Cardano second, behind Bitcoin, in terms of community engagement. Over 83% of ADA holders reportedly remained bullish, with the potential for firm investor conviction, despite recent price consolidation.

Analysts expect a break above the $0.79-$0.80 resistance to set up the next market cycle, potentially leading to a move to $1.10 and $2.50. However, a fall below $0.60 may threaten this outlook and prompt a change in sentiment to a more cautious approach.

Also Read: Cardano Holds Steady, Yet Experts Highlight MAGAX as the Market’s Next Big Future