- ADA’s breakout targets $0.77 after a prolonged triangle consolidation phase.
- Fibonacci extensions suggest upcoming resistance near $0.7099 and $0.7742.
Cardano has broken out of a key technical pattern, signaling potential upward movement. At the time of writing, the cryptocurrency rose 5.59% in 24 hours, trading at $0.6549 at press time. A symmetrical triangle that had held ADA’s price action since early April has been breached. Analysts now expect the breakout could trigger a rise toward $0.77.
Breakout from Symmetrical Triangle Confirmed
According to analyst Ali Martinez, ADA had been consolidating within a symmetrical triangle pattern, fluctuating between converging trendlines. On April 21, the 1-hour chart from Binance showed ADA holding steady around $0.6209.
However, this sustained sideways movement indicated reduced volatility and growing pressure for a breakout. Martinez noted that the triangle pattern projected a 27% price move once ADA broke free from the structure.
That breakout occurred near the $0.65 mark, pushing the price to $0.6518. The triangle spanned a wide range between $0.5166 and $0.7099, and the height of this range was used to estimate the breakout target.
Martinez highlighted that the first significant resistance lies at the $0.7099 1.0 Fibonacci extension level. Further resistance zones were identified at $0.7742 and $0.8101, corresponding to the 1.272 and 1.414 Fibonacci levels.
ADA Price Gains Momentum Amid Market Strength
The breakout comes after multiple failed attempts by ADA to close above the $0.66 zone. The current rise from a local low of $0.55 aligns with a broader bullish trend in the crypto market. Bitcoin and Ethereum have also shown strength, contributing to renewed interest in ADA.
Chart data confirms that ADA has exited its consolidation phase as of April 22, attracting attention from market participants and traders.
Martinez stated that the breach of the upper boundary of the triangle pattern signals the beginning of bullish momentum. With ADA now trading above previous resistance, the $0.77 target appears within reach, provided the broader market maintains its current trend. Fibonacci extension levels are closely monitored, offering guidance for possible future resistance.
Long-Term Outlook Points to Higher Price Potential
In addition to short-term breakout patterns, long-term projections suggest ADA could rally further in the coming years. Analyst Deezy predicted a possible 10x rally to $7. This projection is based on ADA’s alignment with a long-term historical trendline that has served as resistance and support since 2018.
Source: TradingView
According to Deezy, ADA’s current trajectory mirrors previous market cycles that led to significant price increases. Following an 80% drop from its last peak, ADA is now positioned near a critical support area. Suppose the price follows the established pattern, a steady rise could unfold, supported by macro market sentiment and historical behavior.
Deezy emphasized that the rebound is not immediate but could develop as part of a broader multi-year recovery.
Cardano founder Charles Hoskinson addressed political commentary outside the charts following the project’s exclusion from a White House crypto summit. Speaking to DL News during Paris Blockchain Week, Hoskinson said,
“I don’t need to make a deal with Trump,” downplaying any concerns over political relationships.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
