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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
