- Cardano price shows a Cup and Handle pattern, hinting at a potential breakout to $1.50 if it holds above $0.70 support.
- ADA price faces key resistance at $0.92; breaking it could trigger a rally toward $1.50, with a long-term target of $4.00.
- Cardano price tests $0.76–$0.78 support; failure to hold may lead to a drop to $0.62 before a potential bullish reversal.
Cardano price has recently shown some positive signs, trading at $0.7826 after a 0.38% rise in the last 24 hours. However, market traders are keenly observing whether the price can maintain its position above the $0.70 mark or if it will break down further before a major rally.
Cardano Price Outlook and Future Performance
Cardano price is currently trading at $0.7826, showing a 0.38% increase in the last 24 hours. Experts are closely watching the coin’s price movement, anticipating a potential breakout due to a Cup and Handle pattern.
This formation, which has been developing over the past three years, signals the end of a consolidation phase and suggests an upward trend.
The key resistance levels for ADA price are located around $0.80, with a neckline at $0.92. If the price breaks above this level, it could lead to significant upward momentum, possibly reaching $1.50 in the short term.
The longer-term target price for ADA price is set around $4.00, based on the pattern’s potential for a 4x rally.
Source: Smith /X
The current formation, combined with market recovery, suggests a positive outlook for ADA. However, for a breakout to occur, ADA price must maintain support above the $0.70 mark and show sustained upward movement.
Cardano Price Key Support Levels and Potential for a Bullish Reversal
Cardano price is testing key Fibonacci retracement levels, with support found around $0.76–$0.78. The asset has been in a downtrend since its 2021 highs, but the 0.5 Fibonacci level ($0.85328) remains a crucial support point.
If ADA price fails to hold above this level, the next significant support could be at $0.62, potentially signaling further downside.
The market structure shows ADA price in a consolidation phase, with resistance at $1.00 and above, near the 0.618 Fibonacci level. A breakout past this resistance could signal an upward trend, targeting $1.75 or higher.
However, if ADA price struggles to break these levels, it could face additional pressure to the downside.
Source: Ali Chart /X
Analyst Ali Chart recently noted that Cardano is following a similar price structure to its previous cycle, though this time it’s developing more gradually. He added, “it feels like we’re right at the beginning of an explosive move,” suggesting a potential breakout if ADA maintains support near $0.70.
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