Cardano Breakout Above $0.80 Targets $1.70 Rally
Cardano (ADA) is trading within a symmetrical triangle pattern between roughly $0.60 and $0.80, with immediate support near $0.67 and resistance at $0.80. ADA’s decisive close above $0.80 could trigger a bullish breakout, with Fibonacci extension targets at $1.00, $1.30 and $1.70. Conversely, a failure to hold $0.67 may expose ADA to a slide toward $0.49. Since 2019, ADA has moved within a long-term ascending channel (support around $0.57, resistance near $3.00), underlining sustained bullish momentum. Trading volume stands at about $1.66 billion, and its market cap is near $23.8 billion. Traders should watch the $0.80 level for renewed buying signals.
Bullish
The symmetrical triangle pattern and a decisive break above the $0.80 resistance point to a likely bullish phase for Cardano. Fibonacci extension targets at $1.00, $1.30 and $1.70 suggest significant upside potential in the short term. Additionally, ADA’s position within a long-term ascending channel since 2019 underscores the token’s sustained upward bias. While failure to hold the $0.67 support could trigger a correction toward $0.49, the overall technical structure remains bullish, supporting both short-term entry opportunities and long-term growth prospects.