Cardano (ADA) Hits 22-Month High But Faces Resistance Near $0.80 as Bulls Target Additional Gains

Cardano (ADA) recently reached its highest price ($0.78) in 22 months, up 53% in the last month. However, it's still 75% below its all-time high of $3.10.

ADA has solid support around $0.75, with many addresses "in the money" and profitably holding ADA in that range. This could lead to price stability or gains if sellers decrease.

ADA faces potential resistance up to $0.89, where many addresses are "out of the money" and bought at higher prices. This could limit short-term gains.

If bullish momentum continues, ADA could soon test the $0.80 resistance level. However, failing support around $0.75 could see the price retreat towards $0.70.

Investors are watching key support and resistance levels between $0.70-$0.80 to gauge whether an ADA breakout or breakdown is more likely short-term.