Cardano (ADA) surges with bullish momentum, nearing key resistance levels as it prepares for potential breakout and higher price targets - IcoHolder.

Cardano (ADA) is riding high on the bullish momentum sweeping through the cryptocurrency market, joining Bitcoin in the broader market rally this Thursday. With recent network upgrades and increasing adoption, Cardano is positioning itself for potentially even bigger price movements in the near future.

Data from TapTools shows that over 78% of Cardano's total supply is now in circulation, making it one of the most distributed cryptocurrencies among the top ten. This puts Cardano just behind Bitcoin in circulating supply, highlighting its growing influence within the crypto space.

Analyst Dan Gambardello has noted that the altcoin market, including ADA, hasn’t fully taken off yet. As more liquidity flows into the market, he suggests that cryptocurrencies like Cardano are poised for significant growth. Gambardello also points to Cardano’s favorable risk model, which is currently in the 30s — a range that has historically preceded major price surges. ADA is currently testing key resistance levels, such as the 200-week moving average at $0.7832. If it manages to maintain levels above this threshold, it could signal the onset of a bull market for the altcoin.

At the time of writing, ADA is trading at $0.7957, with a remarkable 10% gain in just 24 hours. Analyst Ali Martinez is optimistic, predicting that ADA could break through the $0.80 mark, provided it first clears the upper boundary resistance of its current descending channel. Martinez has shared a chart showing ADA’s movement within this channel on a 4-hour timeframe, suggesting that overcoming this resistance is key for a breakout.

Cardano is also experiencing a surge in trading volume, with daily volumes up by 101% to $1.7 billion. If ADA can break the $0.85 resistance, it could make its way toward $1. For now, the trend remains bullish, as long as ADA continues to make higher highs and the Relative Strength Index (RSI) remains strong, signaling continued upward momentum.

With strong market fundamentals and technical indicators pointing to further gains, Cardano is one to watch as it prepares for potential breakout levels.