Popular Cardano stake pool operator Sssebi has highlighted a major development on ADA’s weekly chart, noting that the token has finally broken above a key multi-year resistance level.
In a post on X, Sssebi pointed to Cardano’s weekly close above a resistance zone that had constrained ADA price for years. Based on his accompanying chart, the key level sits around $0.24, which previously served as a major barrier during ADA’s prolonged downtrend and consolidation.
ADA ultimately closed the week above that level, with the chart showing the token reaching $0.248. This weekly close is notable because it shows that buyers managed to push ADA through a price area that had previously rejected attempts to move higher.
Nevertheless, Sssebi did not treat the move as a confirmed breakout. Instead, he argued that ADA’s performance this week will help determine whether the move represents genuine trend continuation or a temporary breach of resistance.
This Week Could Confirm or Reject the Breakout
Sssebi specifically warned that ADA’s move above resistance could still become a fakeout. A fakeout occurs when an asset breaks through an important support or resistance level but subsequently reverses and falls back below it.
Therefore, ADA’s ability to remain above the former resistance zone could prove crucial. If the token holds the breakout area and continues to attract buyers, the move could reinforce the bullish setup highlighted by Sssebi.
Conversely, a return below $0.24 would weaken the breakout and raise questions about whether ADA has genuinely escaped its multi-year trading range.
Sssebi Identifies $0.30 and $0.40+ as Upside Targets
Notably, Sssebi’s chart identifies $0.30 as the first upside target if the breakout holds. At ADA’s current price of $0.2438, reaching $0.30 would represent a 23.05% gain.
The chart then points to $0.40+ as a longer-term target. From $0.2438, reaching $0.40 would require roughly a 64.06% advance. These levels have also appeared in other recent Cardano analyses. A recent The Crypto Basic analysis highlighted ADA’s potential to reach $0.30, citing increased trading volume and rising moving averages.
Meanwhile, market analyst Dan Gambardello has also argued that ADA could potentially reach $0.40, urging market participants not to dismiss Cardano’s long-term price potential.
ADA Remains Above $0.24 Despite Market Weakness
Meanwhile, ADA has pulled back slightly from the $0.248 level shown on Sssebi’s chart amid broader weakness across the cryptocurrency market. However, it remains above the $0.24 resistance at the time of writing.
ADA currently trades at $0.2438, down 2.60% over the past 24 hours and 4.22% over the past week. Its 24-hour trading volume has also declined by 28% to $505.36 million.
Despite the recent weakness, ADA remains the 14th-largest cryptocurrency by market cap, with a market value of $8.99 billion.
The coming trading sessions could therefore provide an important test for the breakout: holding above $0.24 would preserve the setup highlighted by Sssebi, while a move back below the level could undermine it.