With a sudden surge of recovery in the crypto market after the announcement of a 90-day pause in the tariff wars, altcoins are gaining momentum. The total crypto market cap, excluding Bitcoin, surged by nearly 8%, with Cardano making a 13% jump.
Currently, Cardano sustains above $0.60, with a market price of $0.6195. As it struggles to overcome the local resistance level, the sudden bullish turnaround hints at a potential breakout rally.
Will this result in a price surge to the $0.80 mark? Let’s find out.
Cardano Price Analysis
In the daily chart, the ADA price trend showcases a bullish turnaround from the 78.60% Fibonacci level. This crucial Fibonacci support is priced at $0.519.
The sudden shift in the crypto market sentiments resulted in a 13% bullish engulfing candle in the ADA price trend. With the bullish candle, ADA price reclaimed the $0.60 psychological level and nearly undermined the 12% drop on Sunday.
Furthermore, the ADA price trend takes an early bounce back from a local descending support trendline. This increases the chances of a new bullish swing.
The technical indicators maintain counter viewpoints as the broader market remains volatile. The sudden bullish turnaround is on the verge of triggering a positive crossover in the MACD and signal lines.
However, the prevailing downfall has resulted in a death cross between the 50 and 200-day exponential moving average lines. Hence, for a trend reversal, the Cardano price must surpass the 200-day EMA line at $0.7229.
ADA Price Targets
Based on the Fibonacci levels, the uptrend in Cardano is likely to challenge the 61.80% Fibonacci level at $0.6739. Considering the broader market remains stable, the uptrend is likely to give a breakout run to the 50% retracement level at $0.7807.
On the flip side, the $0.50 psychological support close to the descending support trendline remains a crucial demand level.
Cardano’s Founder Charles Hoskinson Says Bitcoin Will Hit $250k
As Cardano remains at a crucial crossroads, its founder, Charles Hoskinson, remains highly bullish on the crypto market. In a recent interview with CNBC, Hoskinson highlighted the possibility of Bitcoin reaching $250,000 by the end of this year or next year.
He further made sharp comments on the recent “reciprocal tariffs” by U.S. President Donald Trump against multiple countries. Charles Hoskinson added that the current tariff stuff will be a small “dud”.
Charles adds that people will realize that the world is willing to negotiate with the U.S., and at the global scale, it will just be the U.S. versus the People’s Republic of China. Overall, in the interview with CNBC, Charles Hoskinson maintained a pro-crypto stance. He also highlighted the rising geopolitical tensions between Russia, Ukraine, the U.S., China, and other global hotspots.
