Cardano Race is shooting up: is approaching a crucial border of $ 0.80 after strong bounce

The Cryptomarkt is once again on the rise, with several large coins that note strong profits. In this broader optimism, Cardano (ADA) also moves convincingly up, and is approaching a technical tipping point that opens the door to further increases.

Retail is wearing the increase

At the time of writing, ADA acts at $ 0.79, making it only a fraction of the psychological limit of $ 0.80. The advance follows a powerful bounce from the $ 0.66 level, where Cardano breaks the top of a falling channel.

Although the price development is strong, the large investors remain in the background for the time being. According to Intotheblock, the volume of transactions above $ 1 million has fallen by more than 83%, while transactions above $ 10 million are almost 87% lower.

The current momentum therefore seems to be mainly worn by retail investors. If institutional capital return, this can give the rally a new impulse.

Short liquidations feed the fire

In the last 24 hours, more than $ 880,000 were liquidated in short positions. On Binance alone it was $ 421,000. This indicates a short squeeze, in which sellers had to close their positions, which drives the increase.

Around $ 0.74 to $ 0.75 there are still significant liquidation zones. If Ada stays above, this can force extra shorts to capitulation, which can continue the price towards $ 0.80.

Technical recovery over important levels

Cardano has convincingly recoveringly recover the 0.618 Fibonacci at $ 0.692 and recently broke around the 1-zone around $ 0.7523. The following goals are at $ 0.849 and $ 1.007, based on the 1,618 and 2,618 Fibonacci expansion levels.

The MVRV ratio has risen to +13.34%. This indicates that holders are on average on profit, but that the market is not overheated yet. Only above 25% arises historically risk of mass benefit.

If Cardano remains convincing above $ 0.75, a breakthrough to $ 0.80 is realistic. The combination of technical strength, liquidation pressure and positive sentiment forms a solid basis for further increase.