Cardano Forms Symmetrical Triangle as Analyst Outlines Price Targets
Cardano (ADA) has increased over 40% since early April, indicating renewed interest in altcoins. Currently, ADA is in a critical phase with price action remaining range-bound but shifting sentiment among investors.
- Analyst Carl Runefelt noted ADA is forming a symmetrical triangle on the 4-hour chart, often leading to breakouts.
- A breakout above $0.7730 could signal bullish continuation towards $0.85-$0.90.
- A drop below $0.6280 may trigger a broader correction.
- ADA is currently trading at $0.6963, just under key moving averages at $0.7766 (SMA) and $0.7113 (EMA).
- The price consolidation suggests a pivotal moment is near as ADA attempts to hold above $0.67 support.
- Volume remains muted during this period, typical before major moves.
ADA's next move will influence its trend in the coming weeks, with a daily close above $0.77 potentially validating a breakout toward $1.00. Conversely, losing support at $0.67 could lead to retests of lower levels around $0.62 or $0.58.
