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Cardano (ADA) has been gaining steam alongside the broader cryptocurrency market. Cardano reached an intraday high of $0.865 on May 12, continuing an upward trend that began on May 6.
The rally to $0.865 remains significant given that ADA has successfully reclaimed its 50-day and 200-day Simple Moving Averages (SMAs) at $0.677 and $0.692, which had previously served as resistance in recent weeks.
This move indicates a potential shift in momentum for Cardano, with bulls eyeing the next target at $1.02, which coincides with the March 5 high. Breaking through this level would not only mark a win for ADA by pushing ADA back above the $1 mark but also confirm a sustained bullish trend for the altcoin.
Market sentiment has shifted positively, marked by increasing whale activity and investor optimism. As reported, crypto whales scooped up over 40 million ADA as prices surged toward the weekend.
According to the most recent CoinShares report, digital asset investment products witnessed $882 million in inflows last week, marking the fourth consecutive week of gains and bringing year-to-date inflows to $6.7 billion; Cardano inflows stayed positive.
What to watch
ADA price action in the coming sessions will be examined to see if it sustains at current levels, as profit-taking and resistance could temporarily slow momentum.
The intermediate $0.90 to $1.02 range would also be watched to see if selling pressure emerges on the way.
With momentum building and major technical levels reclaimed, Cardano’s path toward $1 and beyond is very much in play, but sustaining this momentum will depend on a broader market rally and follow-through from bullish buyers.
A decisive break above $1 would likely open the door to further gains, with the next targets at $1.19 and $1.32 before the $2 level.
Vladislav Sopov