With the bulls in control, is ADA's next target 0.80 dollars?

Cardano (ADA) is currently approaching a critical moment, with the price testing resistance above the descending parallel channel near $0.708.
Since ADA experienced a significant rebound in the $0.66 area, market sentiment has notably turned bullish, and many analysts believe that ADA's next target might be $0.80. Let's take a look at how the current technical and market factors support this trend.
🔥Short-term upward momentum strengthens
Recent price movements indicate that Cardano (ADA) has experienced a strong rally after breaking through $0.66. This rebound has significantly boosted bullish sentiment, with the current target price for ADA nearing $0.81, while the target price for smart money has reached $0.99.
The current price has broken through the 0.618 Fibonacci level (0.6921 USD), with the next key target being 0.7186 USD, which is the 0.786 Fibonacci range.
In the short term, if ADA breaks through the resistance level of $0.75, bullish traders may push the price further up, challenging $0.80 or even higher.
💥Liquidation pressure drives the increase
The changes in liquidation dynamics are also an important factor driving the rise of ADA. According to CoinGlass data, the liquidation amount for short positions exceeded $880,000 in the past 24 hours, while the liquidation amount for long positions was only $25,530, indicating significant short pressure.
In addition, the liquidation cluster in the $0.74 to $0.75 range also suggests that if the bullish momentum continues, prices may continue to approach these levels and accelerate upward.
The whale activity is sluggish, retail investors are driving the rise.
From the on-chain data, the large transaction volume has clearly decreased, especially with transactions over 1 million USD dropping by more than 83%. Although the price of ADA has risen, this wave of growth is mainly driven by retail investors. The lack of whale activity has brought about a temporary lack of momentum, but it has also allowed ADA to maintain its current price range.
If institutional funds start to re-enter the market, it may accelerate the upward trend of Cardano.
📊The MVRV ratio soars, increasing the risk of profit-taking.
Santiment data shows that ADA's MVRV (Market Value to Realized Value Ratio) has surged to +13.34%, indicating an increase in unrealized profits for holders.
Although this indicator is still below the 25% selling pressure threshold, the market may face two scenarios:
The continued optimistic sentiment drives prices further up;
Due to the accumulation of profits, it may trigger short-term profit-taking.
🔮Technical Indicators: Strong trend, expected to break through in the short term.
The DMI indicator shows that the +DI line is above the -DI line, indicating a strong bullish trend.
The price structure and momentum indicators support a continued rise. If ADA maintains above $0.72, it may experience a breakout.
💡Summary: Once it breaks $0.75, ADA will target $0.80.
Overall, strong bullish sentiment, the pressure from short liquidations, and support from technical indicators provide solid backing for ADA's continued rise. If Cardano can break through $0.75 and liquidate the accumulated short positions, bulls may further drive ADA up even higher.
However, the lack of whale funds remains a factor that needs attention. If institutional funds begin to flow back in, the increase in ADA's price could potentially be more rapid.
Warm reminder: The content of this article is for informational purposes only and does not promote or endorse any business or investment activities. All fans are requested to strictly comply with the laws and regulations of their respective regions and not to participate in any illegal financial activities. No trading access or guidance is provided for the issuance, trading, and financing of any virtual currencies or digital collectibles, nor are there any channels for guidance on issuance. #ADA#