Cardano today shows an impressive performance with an increase of more than 15% in less than 24 hours. The course has thus broken important resistance levels and forms a bullish outbreak from a falling wig pattern. Can this upward movement lead to an even greater increase of 40% towards $ 1.11?
Cardano price analysis: breaking important resistance levels
On the daily graph, the ADA course shows a short-term resistance line that goes back to the beginning of 2025. However, a long-term support line has supported the recent correction, so that the course has again built up Bullish strength.
Since the beginning of February, the ADA race has fallen from $ 0.9428 to a low point of $ 0.6816, which amounts to a decrease of 27.70% in just nine days. After eight consecutive red candles, the course reached the local stew line, which led to the formation of a falling wig pattern.
With a strong start of the week, however, Cardano managed to break the five days of downward pressure. The price is now trying to pass the upper resistance line, but still experiences resistance at the 23.60% Fibonacci level at $ 0.8127.
Can the ADA price rise to $ 1.11?
ADA may rise to $ 1.11 due to the recent outbreak from the falling wig pattern, which is often a sign of further price increase. The technical indicators, such as the MACD and DMI, point to stronger buying momentum. In addition, $ 1.11 is an important goal based on the Fibonacci analysis. If Ada succeeds in breaking the current resistance around $ 0.8127, this can clear the road for an increase of 40% towards $ 1.11.
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Source: https://newsbit.nl/cardano-breekt-door-cruciale-weerstand-stijgt-de-ada-koers-binnenkort-naar-111/
