Cardano (ADA) is showing signs of a bullish recovery, as is the broader crypto market, with analysts suggesting a potential breakout toward the $0.80 mark. According to crypto analyst Ali, Cardano may be on track for a breakout toward $0.80, but one condition is required.
"Cardano (ADA) looks poised for a breakout toward $0.80. But first, it needs to clear the upper boundary resistance of this channel," Ali stated, highlighting a parallel channel on the Cardano four-hour chart.
Zooming out, Cardano's daily chart shows a fierce battle between buyers and sellers between the daily moving averages 50 and 200 at $0.669 and $0.783, respectively.
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ADA/USD Daily Chart, Courtesy: TradingView
Cardano saw a strong surge in the early Thursday trading session, surging from $0.67 to $0.7189, returning well above the daily SMA 50, after falling beneath it since May 5. At press time, ADA was up 4.59% in the last 24 hours to $0.7185.
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Tue, 05/06/2025 - 16:31 Cardano Breaks Key Support as Market drops, What's Next for ADA? ByTomiwabold Olajide
If the ADA price moves up from the current level, it might face selling at $0.75. A break and close above $0.75 could propel ADA beyond $0.80. On the downside, there is strong support at $0.58. Sellers might assume control if the price falls below the $0.58 support. ADA may then drop to the $0.54 to $0.50 support level. Another possibility is that ADA continues in a range between its daily moving averages of 50 and 200 before making its next major move.
Cardano sees growth
In a recent tweet, Cardano builder Input Output shared development highlights from April.
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Sat, 04/19/2025 - 10:34 Cardano (ADA) Founder on Blockchains: 'Trust, Respect, Understanding' ByVladislav Sopov
As of April 25, 2025, 1,993 projects are developing on Cardano. The number of delegated wallets rose by 2,000. The number of token policies grew by 1,501, while the number of native tokens issued climbed by 40,000. Plutus scripts have increased by 1,270, increasing the total to 131,015. Of them, 6,492 are Aiken scripts.
Node v.10.3.1 was released, which focuses on performance improvements such as increased execution speed, reduced memory utilization and faster synchronization times. It also improves the new tracing system and adds support for lightweight checkpointing, which is necessary to enable Ouroboros Genesis.
Mithril has published the 2513.0 distribution, which supports Cardano node v.10.2.1 and includes other bug fixes and enhancements.
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