Cardano set for further gains amid bullish market sentiment — FXStreet

Cardano (ADA) is trading at $0.63 after breaking out of a falling wedge pattern yesterday. This bullish breakout coincided with Bitcoin hitting new all-time highs, boosting optimism across the crypto market, according to FXStreet.

The website notes that ADA's open interest surged by 13.66% to $970.59 million, signaling growing investor confidence in the altcoin. Over the past day, Cardano saw $4.10 million in liquidations, with $3.8 million of these being short positions. The buy/sell ratio stood at 1.03, further confirming bullish dominance in the market.

FXStreet analysts suggest that if ADA closes above the 50-day moving average at $0.62, it could gain momentum for further upside, potentially targeting the June 11 high of $0.73.

As they note, the Relative Strength Index (RSI) on the daily chart currently reads 54 and keeps climbing, signaling growing bullish momentum. The MACD indicator further supports the continuation of the upward trend. It has been remaining in positive territory since forming a bullish crossover on June 29.