Cardano (ADA) is showing promising signs of a bullish reversal as it holds steady near the $0.5766 mark, supported by a critical demand zone and positive RSI divergence.
Market sentiment has surged to a 30-day high, with analysts targeting breakout levels above $0.80 and potential gains toward $1.35 and beyond, backed by Elliott Wave analysis.
According to COINOTAG sources, the formation of a bullish RSI divergence alongside rising community optimism signals a possible end to Cardano’s prolonged downtrend.
Cardano’s bullish RSI divergence and rising sentiment suggest a breakout above $0.80, targeting $1.35 and higher, signaling a potential trend reversal for ADA.
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Cardano (ADA) has maintained a firm position near the $0.55–$0.60 demand zone, a critical support area that has historically attracted accumulation. The asset’s price action remains confined within a descending channel established in early 2024, but recent technical indicators suggest a shift in momentum. A notable bullish RSI divergence has emerged, where the Relative Strength Index forms higher lows despite ADA’s price making lower lows. This divergence is a classic indicator of weakening bearish momentum and often precedes trend reversals.
Technical analysts emphasize that a decisive breakout above the descending channel’s resistance—currently between $0.80 and $1.00—would confirm the end of Cardano’s extended downtrend. Such a move could attract renewed buying interest and set the stage for sustained upward momentum.
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Source: https://en.coinotag.com/cardano-ada-shows-bullish-signals-near-0-58-amid-potential-breakout-toward-1-35-and-higher/