Cardano Rallies on Van Rossem Upgrade, But Can Momentum Last?

Cardano's price surged 13.22% in the past 24 hours of trading, accompanied by a significant spike in its daily trading volume, nearing 60%. This rally came alongside the van Rossem hard fork, an intra-era upgrade focusing on performance and governance, which introduced new Plutus built-in functions.

The broader market rebound, including Bitcoin's climb above $62,000, likely contributed to Cardano's short-term catalyst. However, technical indicators suggest that the current price action is bearish, with a swing structure in control of sellers since the altcoin dropped below $0.235 support level in April and May.

A daily session close above $0.19 would be needed to flip the structure bullishly, while Fibonacci retracement levels indicate that the 78.6% retracement level at $0.1789 has been breached to the upside. Traders' technical indicators, such as MFI and CMF, do not offer much hope for bulls.