- Cardano price logs 33% gain last week, registering best week since the beginning of February.
- Extraordinary gain lifts ADA close to the 138.2% Fibonacci extension.
- Social media chatter intensifies but still well below the frenzy levels of March.
Cardano price kickstarted a new rally on May 5 with a breakout from a cup-with-handle base, rising above the longstanding trading range and setting new all-time highs. Since the beginning of February, it was the best week and puts ADA on pace for an additional 30% gain.
Cardano price rewards pattern savvy speculators
Since the breakout from the cup-with-handle base on May 5, Cardano price has rallied incrementally with notable spikes in volume on the positive days, consistent with a bullish scenario.
The measured move target for the base is $2.27, a gain of 55% from the handle high at $1.46 and 30% from the price at the time of writing. The target is slightly higher than the 161.8% extension of the April decline at $2.23.
Cardano price will need to break above the 138.2% Fibonacci extension of the April decline at $1.95 and, of course, the always challenging round numbers, in this case, $2.00.
ADA/USD daily chart
Cardano price could lose support and revert lower. The first necessary level is the 10-week simple moving average (SMA) at $1.30.
Cardano price strength captures social media attention.
According to the data from over 1000 crypto-related channel’s including Telegram groups, crypto reddits, discord groups and private traders chats, Cardano’s daily social volume has jumped during the past week. The increase in ADA mentions illustrates that the bullish price action is captivating the retail investor ranks.
However, it is essential to note that the rise in social mentions for ADA is still well below the feverish levels that accompanied the February and March highs, indicating that the Cardano price gains can continue before networks become saturated with the Cardano story.
Cardano related mentions on crypto social media
Breakouts from sustained trading ranges are prone to profit-taking as traders that bought previously failed range breakouts seek to cover their losses or accrue some profit for their patience. However, as long as the volume accumulation/distribution profile remains bullish, the pullbacks should be limited in percentage and duration.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON
Toncoin extends recovery as bulls push to reclaim the 50-period EMA on the 4-hour time frame. Bitfinex announced on Tuesday the launch of tokenized Gold supported via The Open Network.

Crypto Today: Bitcoin holds below $109,000 as Ethereum, XRP offer recovery signals ahead of FOMC minutes
Bitcoin shows signs of weakness, capped below $109,000, as focus shifts to the FOMC minutes release. Ethereum's lukewarm rebound steps above $2,600, underpinned by steady spot ETF inflows.

Elon Musk's tweet on Epstein and GrokAI’s hallucination puts the spotlight on PNUT, MechaHitler
PNUT stalls Tuesday's recovery, sparked by Elon Musk’s tweet about the Jeffrey Epstein case. X’s GrokAI referenced MechaHitler, resulting in a new trend in the crypto market with the creation of over 250 MechaHitler tokens.

Bitcoin Price Forecast: BTC steady around $108,000 as investors await FOMC minutes for Fed rate clues
Bitcoin price holds steady at around $108,000 on Wednesday, maintaining support at a key technical level. Investors' attention shifts to the FOMC meeting minutes, as it offers insights into the Fed’s interest rate path prospects.

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.