Cardano: ADA Holds Above Important Support, Targets $1.30 Resistance

Cardano, a cryptocurrency, has been steadily gaining traction in the market with increasing institutional investments and a surge in network activity, indicating a potential breakout beyond the $1 mark. Recent data from ReserveOne reveals that institutional interest in Cardano has been on the rise, with $73 million already invested in ADA this year and over $900 million in institutional custody. This steady flow of funds highlights Cardano’s growing credibility as a long-term asset among institutional investors, signaling a shift towards more stable and sustainable investments in the cryptocurrency space.

One key support level for Cardano is around $0.84, where significant trading volume has created a strong demand zone. Analysts are keeping a close eye on this support level, as a potential move towards the $1.30 resistance zone could be on the horizon. As long as ADA continues to maintain higher lows and stays above the $0.84 support level, the current price action suggests a positive trajectory for the cryptocurrency. However, a breach of the $0.84 support could lead to a reversion back to the previous accumulation range of $0.70 to $0.72.

On-chain data for Cardano indicates that over 112 million transactions have been processed, with average fees remaining below $0.25. This high level of transaction throughput at low costs positions Cardano as one of the most efficient blockchains in operation, making it an attractive option for various use cases, including payments, decentralized finance (DeFi), and enterprise applications. The sustained on-chain activity signals a healthy ecosystem for Cardano, which could further support its upward momentum.

Looking ahead, Rafaela Rigo’s macro chart analysis suggests a potential long-term trajectory for Cardano, with price projections aiming towards the $3.00 to $3.20 range in the event of broader altseason momentum. ADA’s ability to maintain higher lows on the monthly timeframe indicates a gradual transition from accumulation phases to expansion, with the $0.84 to $1.00 range serving as a crucial structural pivot for the cryptocurrency’s future price action.

In conclusion, Cardano’s current technical setup and institutional support indicate a possible transition from a consolidation phase to a trending phase, with key levels to watch out for including $1.50 to $1.80 resistance before aiming towards its previous highs from 2021. If momentum aligns with the ongoing institutional investments and on-chain growth, ADA could see a significant uptrend in the near future.