Cardano consolidates within a symmetrical triangle, and a bullish breakout could spark a strong price rally past the $1 mark.
Cardano (ADA) currently trades at $0.66, down 3% over the past 24 hours. The cryptocurrency started the week brightly, rallying to $0.69 on Monday, but has since retraced from that level to its current price.
Could Cardano Price Break Out?
Meanwhile, top chartist Ali Martinez has a bullish price outlook for Cardano, as it trends within a symmetrical triangle. He noted in his recent Cardano price prediction that the token has been consolidating within the triangle, and a breakout could be on the horizon.
Notably, the symmetrical triangle has been suppressing Cardano’s price since its December high of $1.32, as it has formed lower highs and higher lows. After a rejection from retesting the pattern’s upper trendline with a push to $1.02 in August, it has dumped towards its lower support at $0.59.
However, the support has held, suggesting prices could rebound. Moreover, with prices tightening within the triangle, Martinez has predicted an upward breakout could be next.
Breakout Resistance and ADA Target
Martinez noted that with bullish momentum and a spike in buying pressure, ADA could break past a crucial resistance level and out of the symmetrical triangle. He mentioned that this momentum could push Cardano above the $0.80 supply zone, which is 21% away from the current market price.
Meanwhile, he expects a move in Cardano towards $1.70, which aligns closely with the 1.414 Fibonacci extension at $1.75. Based on the current market price, this bullish breakout represents a 157.5% price increase for the cryptocurrency.
Cardano Crossing $1 Soon?
Notably, Martinez is not the only expert expecting Cardano to cross the $1 price level. Another top market analyst, Dan Gambardello, also said that the move would occur out of nowhere.
He highlighted that Cardano would suddenly double in price to trade between $1 and $1.30. According to the analyst, it could continue to rise from there despite sell-offs and eventually spark FOMO due to its persistent price increase.
MMB Trader also predicted that Cardano would soon surpass $1, as it has held a key support level despite price uncertainties. He predicted a comeback for the token as long as it continues to hold the $0.51 support level.
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