Apr 22, 2025
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Cardano Breaks Out of Triangle Pattern, Price Surges Above Resistance
An analyst indicates that Cardano (ADA) has broken out of a Triangle pattern, suggesting a potential bullish trend.
Key Points
- Cardano surpassed the upper resistance line of a Triangle pattern after consolidating for nearly three weeks.
- The Triangle formed between two converging trendlines, indicating a narrowing price range before the breakout.
- This breakout could lead to a price increase of up to 27%, based on the height of the Triangle.
- The breakout direction was slightly favored to be upward due to a minor ascending bias in the Triangle.
- Current ADA price is approximately $0.64, reflecting a more than 4% increase over the past week.
