TLDR
- Cardano (ADA) has broken out of a 140-day downtrend with trading volume crossing $1 billion (up 46%)
- ADA is currently trading around $0.68-$0.73, up 9.57% in the last 24 hours
- Technical analysis shows low bubble risk despite the strong breakout, suggesting healthy momentum
- Price targets include $0.78-$0.80 in the short term, with potential to reach $0.90 based on Elliott Wave analysis
- Longer-term targets if rally continues include $1.28 (75% gain) and $1.49 (104% gain)
Cardano is making waves in the crypto market after breaking free from a lengthy downtrend. The cryptocurrency is showing renewed strength as trading volume jumps and technical indicators point to healthier price action ahead.
ADA is currently trading at around $0.68-$0.73, marking a 9.57% increase in the last 24 hours. This puts Cardano’s market cap above $24 billion, with 24-hour trading volume exceeding $1 billion.
The recent price movement represents a clean breakout from a resistance line that has capped every rally attempt since late 2024. This technical shift comes after almost five months of grinding lower.
Trading volume for ADA has surged by 46% to cross the $1 billion mark, showing increased interest from traders and investors. Volume spikes like this often precede major price movements, especially after periods of weak action.
Technical Breakouts Signal Potential Rally
Cardano has finally closed above the 12-hour trendline that kept bulls in check since March 2025. This isn’t a false breakout but rather a solid technical shift that could open the path toward higher levels.
BREAKING: $ADA is breaking out of a 140 Day downtrend pic.twitter.com/CdZu4NRCFz
— Crypto Chino (@imcryptochino) April 23, 2025
The key breakout level to watch remains the $0.73-$0.75 zone. Holding above this area would confirm the bullish thesis and potentially lead to further gains.
Despite the strong breakout, data from Into The Cryptoverse shows that ADA’s short-term bubble risk remains low. This suggests the current momentum hasn’t entered overheated territory yet.
In past market cycles, ADA typically shows higher bubble risk just before local tops, but that pattern isn’t present in the current setup. With price action improving while risk levels stay moderate, the trend appears healthier than many expected.
$ADA Short Term Bubble Risk pic.twitter.com/S2weqV3vH1
— Into The Cryptoverse (@ITC_Crypto) April 23, 2025
Elliott Wave Analysis Points To Higher Targets
According to Elliott Wave analysis, Cardano appears to be in the early stages of a five-wave impulsive move. The structure suggests ADA has completed wave II and is currently working on wave III, with a target in the $0.90 range for the short term.
If Cardano can hold above the $0.70–$0.73 support zone, the next few trading sessions could bring retests of $0.78 and possibly $0.80. These areas previously acted as resistance, so flipping them into support would signal trend continuation.
The ascending trendline serves as an important reference point for traders. Maintaining position above this line would add weight to the bullish case, especially after the long consolidation phase.
Long-Term Potential If Rally Continues
Looking beyond immediate targets, technical analysis on the daily chart reveals ADA has broken out of a descending wedge pattern. This classic reversal setup confirms seller exhaustion and buyers regaining control.
If the current rally maintains momentum, the first major level to watch is $1.28, representing a 75% gain from current prices. Reaching this mark would demonstrate Cardano’s strong rebound capabilities.
Beyond that, a second milestone of $1.49 looms, equating to roughly a 104% increase from current levels. Achieving this higher target would further cement ADA’s resilience.
The divergence between rising price and decreasing volume in recent days suggests selling pressure may be waning. This pattern often indicates strong hands are accumulating the token while weak holders exit.
Cardano’s market structure has shifted into a more constructive phase, breaking out of consolidation and forming higher lows. This change in character follows months of relative silence for the token.
The timing of Cardano’s breakout coincides with stirring activity across the altcoin market. This suggests ADA may be ready to join the rotation of performing altcoins after a period of underperformance.
As the broader crypto market experiences minor pullbacks, ADA’s ability to hold support levels demonstrates impressive relative strength. While Bitcoin tests lower territory around $91,700, Cardano’s price action signals a transition from bearish correction to renewed bullish momentum.
The most recent price action shows ADA reclaiming its footing above the key $0.70 support zone. This level has historically acted as a solid foundation for Cardano’s upward moves.
As technical indicators and on-chain metrics align, Cardano appears positioned for continued upside. The current setup reflects a shift from months of downward pressure to a potentially new bull phase for the eighth-largest cryptocurrency.
