ADA/USD is in an upward trend after bouncing from support near $1.04 on July 21
Over the weekend, Cardano’s price climbed to a seven-day high of $1.39 before retreating from what may prove to be a temporary barrier in the $1.38–$1.40 zone.
At the time of writing, the altcoin is trading around $1.34, keeping ADA on an upward trajectory with gains of approximately 9.5% over the past 24 hours and 13.6% over the last week.
The renewed upside followed a rebound from intraday lows near $1.22, which pushed ADA/USD higher after bears threatened further losses by forming a head-and-shoulders pattern on the daily chart.
Crucially for bulls, ADA closed the week above $1.30 — a level an analyst recently highlighted as decisive for Cardano’s continued upside momentum.
According to the analyst, the path to recent highs around $1.39 is broadly consistent with Cardano’s price history. However, bulls need to keep the key support line intact in order “to extend the uptrend.”
Cardano price technical analysis
Bulls are currently attempting to hold gains above the daily 50-day moving average (around $1.31). That line acted as resistance several times in recent days, but a sustained move above it is likely to flip the zone into primary support and help propel ADA/USD to a fresh multi-week high.
As shown on the chart, Cardano’s price has also been climbing within an ascending channel. Maintaining upward momentum and pushing higher would drive prices above the channel’s upper trendline and encourage buyers to target recent rejection points near $1.39.
Today’s RSI and MACD indicate bulls hold the advantage, and a decisive breakout above $1.40 could open the door to a move toward $1.50 and potentially $2.00. That scenario would also give buyers a chance to challenge resistance near Cardano’s all-time high of $2.45 reached on May 16, 2021.
The outlook is bullish for Cardano, but if the market turns negative in the short term, bears could target $1.14 and force another test of the critical $1.00 support level.