Cardano Breakout Confirmed: ADA Targets $1.28 and $1.48 After Descending Wedge
- Cardano is showing strong upward momentum after breaking out of a descending wedge pattern, signaling a potential trend reversal.
- The broader crypto market recovery, led by Bitcoin testing key resistance, is fueling ADAs performance as one of the top-performing altcoins.
- Analysts have identified two key upside targets for ADA, with technical indicators suggesting the move could be sustained if momentum continues.
Cardano (ADA) is displaying remarkable strength, sustaining above a critical level of support as the broader market of cryptocurrencies experiences a bull trending wave. With Bitcoin testing resistance at approximately $93K and supporting a broader recovery, ADA ranks among the altcoins benefiting from significant upward momentum from the same uptick.
At the time of writing, Cardano is at $0.716271 with a 24-hour trade volume of $1.06B and a market cap of $25.25B. The ADA price went up by 4.01% in the past 24 hours, and over the past week it is strongly up by 16.57% and trending in the direction of further upside.
Source: CoinMarketCap
Cardano Eyes $1.48 After Technical Breakout
A prominent crypto analyst highlighted that Cardano (ADA) has now broken out of a descending wedge formation on the daily chart, a traditional bullish formation that usually indicates a trend reversal. Weeks of bearish pressure and consolidation were just pushed aside.
ADA held above its key support zone despite the volatile broader market conditions. Having successfully fended off the support, ADA has now seen a major spike in bullish momentum, indicating a possible sustained move upwards.
The breakout occurs when the broader crypto market is picking up steam again, with Bitcoin probing resistance near $93,000 and spreading bullish sentiment throughout the altcoins. ADA sits atop the list of the best-performing cryptocurrencies in the current upswing, with growing volumes and confirmation from the charts fueling buying interest from traders and analysts in the market.
The action in the price indicates building faith in Cardanos potential to recapture higher ground in the near to medium term.
Source: X
The analyst has set two near-term upside targets after the breakout: Target 1 at $1.2797 and the more ambitious Target 2 at $1.4853. If momentum keeps building and market conditions remain supportive, ADA may test these levels in the weeks ahead. Although the breakout is optimistic, traders should watch the major resistance levels and the general market direction to determine the sustainability of the move.
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Text source: TronWeekly
