Cardano (ADA) is showing signs of bullish momentum, surpassing $0.75 and raising the prospect of a further surge to the $1 mark.

At press time, ADA is trading at $0.755, up 4% in the last 24 hours, as renewed buying pressure in the crypto market has helped Cardano rise.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, edged closer to its all-time highs in the early Wednesday session, reaching $108,000. Futures open interest on major crypto exchanges is at an all-time high, indicating increasing speculative activity and leveraged holdings.

Cardano recovered from a low of $0.7105 on May 19 and is on course to post two straight days of gains since then. Today's gain reached an intraday high of $0.766 as the market waits to see what happens next for Cardano.

What's next?

On the upside, Cardano's next major resistance lies at the daily SMA 50 at $0.811 and then $0.8645. If ADA can sustain its momentum and overcome these resistance levels, it may eventually reach $1. A surge past $1 would be significant for the Cardano price, signaling a potential return to its previous bull market trajectory.

Cardano, however, remains in consolidation between its moving averages of 50 and 200 at $0.689 and $0.811, respectively. The daily RSI is slightly over the 50 midpoint, indicating the possibility of consolidation in the coming days before the next major move.

The next support level is $0.71, ahead of the 50-day SMA of $0.68. A break and close below the 50-day SMA raises the chances of a drop to $0.58.