A TradingView analyst suggests that Cardano (ADA) is gearing up for a significant price move, supported by bullish technical indicators. Over the past week, Cardano has undergone a notable correction, shedding approximately 9.6%. Between June 10 and June 17, ADA dropped from $0.73 to a weekly low near $0.60. As of the latest trading data, ADA is hovering around $0.6328. Despite the broader market pullback, analyst MyCryptoParadise’s recent update on TradingView indicates that ADA may be forming a short-term bullish reversal. Internal Shift and Key Technical Signals A key technical development was observed on the ADA/USDT 4-hour chart: the appearance of an internal change of character (I-CHoCH). This structural shift signals a potential transition from bearish to bullish momentum. It followed a sell-side liquidity sweep (SSS) near the $0.6200 level, an event often preceding reversals as weaker positions are cleared from the market. Further reinforcing the bullish case, the MACD indicator shows a bullish divergence. While ADA’s price formed a lower low, the MACD histogram and signal lines printed higher lows. This is a classic signal of weakening bearish pressure and a possible upside shift. Additionally, a support zone has developed between $0.63 and $0.64. This level had previously acted as resistance, particularly at $0.6421 in mid-June. Following a dip to $0.61 on June 14, ADA rebounded to $0.65, flipping that resistance into a potential support. According to the analysis, holding this zone is critical for any continued bullish momentum. Cardano chart by MyCryptoParadise ADA Entry Strategy and Upside Targets The TradingView analyst recommends a cautious but strategic approach. Aggressive traders might consider entering around current price levels, though risk management is essential due to a limited risk-reward profile. More conservative traders are advised to wait for a potential retracement into the $0.63–$0.64 support zone. A confirmed bounce from this region would provide a clearer entry with more favorable risk parameters. On the upside, ADA faces initial resistance just below $0.67. A breakout from that level could pave the way for a move toward $0.70, representing a potential 10.62% increase from current prices. However, the analyst cautions that a close below the $0.6200 invalidation level would negate the bullish setup. In that case, traders should wait for a new market structure before re-entering. Cardano Derivatives Data Suggests Cautious Optimism Derivatives and on-chain metrics show a cautiously bullish outlook for ADA. Trading volume surged 45.36% to $1.26 billion, typically a sign of increasing price action. While the overall long/short ratio stood at 0.9391, major platforms like Binance (2.6765) and OKX (2.4) showed a strong long bias. Cardano Derivatives Data | Coinglass Funding rates remain positive, signaling confidence from leveraged long traders. Despite a 4.07% drop in open interest to $747.58 million, sentiment held steady. Long liquidations totaled $1.6 million compared to just $236,000 in shorts, highlighting ongoing bullish pressure. However, options volume plunged 92.94%, suggesting reduced institutional activity and lower short-term volatility expectations. Still, with no major signs of bearish reversal, the broader setup favors a potential recovery.