The cryptocurrency market has been bullish over the past 24 hours as Bitcoin and Ether tapped key resistance levels.

Bitcoin hit the $78,000 level during the early hours of Wednesday, while Ether is now approaching the $2,400 psychological point. 

Cardano’s ADA is not left out as it is up by 1.5% in the last 24 hours.

ADA extended its gains above $0.2500 at press time on Wednesday, for the third consecutive day so far this week. 

Retail demand for ADA is heating up amid a buildup in the futures market positions.

Technical indicators also show that the 50-day EMA at $0.2600 remains a key dynamic resistance capping short-term recovery attempts.

The broader cryptocurrency market is rallying following positive geopolitical news a few hours ago.

President Donald Trump announced that he would extend the Iran ceasefire indefinitely.

Trump blamed negotiation collapses on what he called a "seriously fractured" leadership structure in Tehran, and said the US would hold off on fresh attacks while keeping its Strait of Hormuz blockade in place.

In addition to that, Cardano has also benefited from the growing retail strength over the past few days.

Data obtained from Coin Glass shows that the ADA futures Open Interest (OI) is up over 6% in the last 24 hours to $464.84 million, suggesting increased retail activity amid anticipation of sharp moves. 

The positive funding rate of 0.0090% reveals a bullish undertone in the positional buildup as buyers are willing to hold long positions at a premium.

The positive derivatives data suggest that fresh retail capital is entering the Cardano market, with traders optimistic of an ADA rally in the near term.

The ADA/USD 4-hour chart is bearish and efficient despite Cardano extending its recovery above $0.2500 at press time on Wednesday.

However, ADA is still trading below the 50-day Exponential Moving Average (EMA) at $0.2600, ensuring a broader bearish bias. 

Meanwhile, the 100-day and 200-day EMAs at $0.3009 and $0.3953, respectively, serve as overhead resistances.

The momentum indicators suggest that ADA could rally higher in the near term.

The Moving Average Convergence Divergence (MACD) histogram is marginally above its signal lines.

The Relative Strength Index (RSI) hovers at 59, hinting at stabilizing and growing bullish momentum within a broader capped structure.

If the rally persists, initial resistance would be encountered at the 50-day EMA around $0.2600, where any recovery is likely to face the first meaningful supply zone.

The next major resistance is at the 100-day EMA near $0.3009 and then the more distant 200-day EMA at $0.3953, which continues to define the wider bearish backdrop.

However, if the bears regain control, they could push ADA’s price below the key support levels, $0.2328 and $0.2205, which serve as the March 29 and February 6 lows, respectively.

The post ADA eyes breakout as Bitcoin hits $78K and crypto rally gains pace appeared first on Invezz

Bitcoin price in Telegram @btc_price_every_hour

106 +