Cardano (ADA) is flashing strong bullish signals, pointing toward a 40% upside, revisiting its May peak. The altcoin recently rallied in sync with the broader crypto market rebound and the resurgence of Snek, a top meme coin within its ecosystem. ADA hit $0.6320, its highest since mid-June.
The CoinMarketCap data reveals that this upsurge was experienced during a state of high volume, which spiked 87% to $1.1 billion. Such a trading volume upsurge indicates rising investor confidence and market participation.
The ADA trades 25% higher versus its month-low, and this is driven by technical buying and new buying interests during meme coin rallies and improving macroeconomic fundamentals.
Double bottom pattern signals uptrend continuation
On the day chart, ADA formed a classic double-bottom chart pattern at $0.5086, which was visible both in April and June. Such a pattern tends to suggest exhaustion of bearish pressure and the potential for strong upside. The chart pattern neckline is seen at $0.8630, with this level being about 40% above ADA’s current level.
Supporting the bulls, the Relative Strength Index (RSI) surged from 29 to 56 and penetrated above the neutral 50 level. The shift from downtrend to upturn reveals increasing buying momentum. Also, the MACD lines crossed on the favourable side and are closing in on the zero line, which was the first since May, favouring the higher bias.
Cardano targets $1 psychological level next
ADA broke through the resistance trendline within a downtrending wedge, a breakout bullish formation. Professionals now forecast a near-term rebound to the $1 psychological level. Medium-term targets include a retest of the previous all-time high above $3, pending sustained optimism among investors and firm fundamentals.
On the 2-week ADA/USDT chart, the price reaction shows a good rebound from the pivotal 0.618–0.786 Fibonacci level. The level was previously a demand spot and now supplies fuel to the follow-through upsurge. The price has surged to $0.7176, up by 22% on the ongoing candle formation, justifying the bullish sentiment.
The roadmap ahead includes resistance areas at $0.9989, $1.2164, and $1.3795. So long as bulls hold the $0.65–$0.70 line of support on any near-term correction, ADA might transition to a strong uptrend. The bullish Fibonacci pattern confirms this prognosis, indicating further gains should market momentum persist.
