Cardano Price To $1.50 As These Indicators Align

Cardano (ADA) price has gained traction as several technical indicators and trading patterns have given hints about a potential movement towards the $1.50 mark.

Analysts observed that volume and momentum were accumulating in the upward direction.

Cardano Price Breakout from Descending Channel

The Cardano price has exited a descending channel pattern, sparking market optimism. Notably, this development is often viewed as a precursor to a bullish movement.

In other words, breakouts of this type in the ADA price have been followed by rally phases. Considering that, it strengthens the current outlook for continued upward movement.

Meanwhile, chart analysis placed the projected target near $1.50. The target aligns with previous rallies that followed similar structural formations.

Moreover, the recent breakout was followed by a price and volume increase, demonstrating the consistency of the pattern.

The technical analysis also revealed that logical support had been constructed in higher regions. This was a signal of rising market interest and potential for a strong ADA price rally.

ADA/BTC Pair Shows Consistent Strength in July

Over the month, Cardano has been making gradual progress relative to Bitcoin, where the ADA/BTC chart indicated robust and consistent gains.

Such a relative figure against the top crypto by market cap was a sign of investor confidence regarding ADA.

In the last two weeks, the Cardano price has shown resilience as the broader crypto space recovered.

The bullish sentiment toward Bitcoin also supported the possibility that investors were turning capital toward ADA, anticipating a continued rally.

This trend, if it continues, can provide a strong foundation for Cardano’s potential move toward $1.50.

Besides, the ADA/BTC chart revealed steady improvements in lows as well as breakout formations, confirming control by the buyers.

Provided that Bitcoin stays stable or trades sideways, ADA can further increase its relative strength, adding more support.

Futures Volume and Open Interest Show Rising Participation

On the derivatives market, the Cardano futures volume increased to 8.7%, or 2.63 billion, and open interest surged by 8% to 1.25 billion.

Such surges reflect rising activity by leveraged traders and institutional players in advance of major price shifts.

Furthermore, higher open interest reflected confidence that positions were being maintained rather than closed quickly. In other words, it suggests that market participants anticipate a continued trend.

The rise in futures activity was followed by a rise in spot volume and favorable sentiment, indicating a healthier market structure on the whole.

Additionally, the rise in open interest aligned with previous instances in Cardano price history that preceded strong rallies.

Cardano Price Eyes Explosive Surge to $40

In a more bullish scenario, Cardano price could be in a strong third leg of a longer Elliott Wave pattern. And the target looks a lot more ambitious with a projected rally to $40.

According to the analyst, this situation hinted at the start of subwave 3 of wave (3).

Notably, the stage usually displays strong price movement. The chart further indicated the presence of a covert bullish divergence on the RSI monthly bar, enhancing its uptrend.

Alternatively, the other case showed a rising wedge. It might make a leading diagonal with an estimated ultimate leg up to approximately $10, followed by a corrective ABC pattern.

Both scenarios hold unless ADA price breaks the invalidation level at $0.22. Meanwhile, recent analysis marked an increasing ADA adoption, supported by the latest Cardano Card to be used in the real world.

With rising ADA holdings and increased on-chain activity, analysts projected a surge from the current Cardano price of around $0.81 to as high as $5 in this cycle.