Prominent analyst Ali Martinez analyzed Cardano (ADA) price action showing signs of a potential breakout.
Cardano Forms Ascending Triangle
Analyst Ali Martinez detected an ascending triangle formation in Cardano price charts that usually indicates an approaching breakout. Higher lows together with the $0.83 resistance define this ascending triangle pattern, signaling upcoming market appreciation. Support for ADA has been strengthening progressively at higher price levels, which may result in a price rise after breaking past the $0.83 resistance threshold.
Could Cardano Price Reach $1?
A Cardano price breakout above $0.83 resistance may trigger a major price increase. According to Martinez, a price breakout will trigger a surge that may push ADA past the $1 milestone. However, Cardano witnessed a steep decline from the December 2024 high of $1.3278, losing over 58% during a market downturn. But recent weeks have seen recovery on expectations of Grayscale’s spot exchange-traded fund (ETF) application. A potential move above $0.83 could aid in this renewed optimism and ADA could regain its footing.
ADA Technical Analysis
Currently, the MACD (Moving Average Convergence Divergence) indicates a bullish momentum. Buying power is building, as indicated by the MACD line (blue) crossing above the signal line (orange). Additionally, the histogram is positive, further confirming the possibility of a Cardano price rise soon. Meanwhile, the Bollinger Bands also offer insights into Cardano price action. ADA price is near the lower band, indicating oversold conditions, suggesting that ADA has the potential to rise if it sustains above $0.74. Additionally, the bands tightening indicates falling volatility, a positive sign for a potential breakout.
The analysis indicates that Cardano's value may soon rise. Significant are the resistance and support levels at $0.83 and $0.74, respectively.
