Symmetrical Triangle Signals Cardano (ADA) On Path to New Yearly High

A technical indicator confirms Cardano is about to break into the $0.70 trading zone after seventeen months of trading lower.

Cardano (ADA) has engineered praiseworthy trajectories in recent weeks that have seen the asset reclaim a new yearly high. Data from market tracking resources indicates that ADA has moved 73% from a low of $0.3745 in November to as high as $0.6776 this month.

However, Cardano initially faced some resistance, seeing its value retrace to around $0.53. While ADA has exhibited signs of recovery, re-entering the $0.60 zones, it struggled to re-establish the initial momentum that led to its new peak.

Nonetheless, market watchers have firmly asserted that Cardano has not run out of steam.

Cardano Set for $0.70 Zone

In a recent update on X, well-known crypto analyst Ali Martinez argued that ADA is currently headed toward a new peak in the $0.70 range. This prediction stems from the observed pattern within Cardano’s market.

In the tweet, Martinez presented a four-hour chart of ADA, highlighting a candlestick pattern suggestive of an impending bullish breakout. Specifically, the analyst pointed out a symmetrical triangle formation on ADA’s four-hour chart.

This technical chart pattern typically signifies a period of consolidation in the market, where a notable breakout is anticipated. Market watchers often use symmetrical triangles to identify potential trend reversals or continuations.

According to Martinez, the key indicator to monitor around the formed pattern is a sustained candlestick close above $0.63. The analyst argued that a breakthrough at this point might initiate a rally, potentially propelling ADA toward $0.78.

Interestingly, the anticipated breakthrough has occurred. At the time of Martinez’s statement, Cardano hovered around $0.613. Remarkably, the asset has already experienced a gain of 10.19%, reaching a price of $0.6755 within the past 24 hours.

At the prevailing market value of $0.65 for ADA, an increase to $0.78 represents a gain of 20%. Market participants last saw ADA in the $0.70 threshold in May 2020.

Meanwhile, The Crypto Basic has recently called attention to a forecast suggesting ADA would trade in the $0.80 zone soon.