• Cardano’s breakout and bullish patterns target $1.40, with resistance at $1.20 crucial.
• Market sentiment and rising active addresses reinforce $ADA’s bullish momentum and sustained growth.

Cardano [ADA] has recently broken out of a bullish flag pattern on the daily timeframe, signaling the potential for further gains. At press time, ADA was trading at $1.12, reflecting an impressive 7.11% increase over the last 24 hours. 

The chart shows additional bullish patterns, such as a cup-and-handle and an inverted head-and-shoulders formation. These patterns further support the possibility of an extended rally.

If ADA manages to surpass the $1.20 resistance level, it could set its sights on $1.40, a key psychological milestone.

Is Ripple’s stablecoin partnership driving ADA’s momentum?

The announcement of a potential Ripple RLUSD stablecoin partnership with Cardano has stirred optimism among investors.

Charles Hoskinson, Cardano’s founder, emphasized the importance of stablecoins in the ecosystem, referring to ongoing discussions about integrating RLUSD. 

XRP’s most recent rally in the market may be fueling this sentiment, indirectly supporting Cardano’s price action. Additionally, this partnership, if confirmed, could significantly enhance Cardano’s DeFi capabilities and attract even more interest from developers and users alike.

Technical indicators suggest further upside potential

Key technical indicators boost confidence in Cardano’s bullish outlook. The RSI stood at 61.7, showing strong upward momentum while staying below overbought levels.

Additionally, the MACD showed a bulli

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Author: Erastus Chami