Cardano Price Prediction: ADA sees a breakout and targets $0.28
- Cardano price just broke out of an ascending triangle pattern on the 1-hour chart.
- Bulls need to defend $0.24 to push ADA towards the price target of $0.28.
Cardano has been trading inside a short-term uptrend on the hourly chart before a significant breakout. The digital asset has shown a lot of strength despite Bitcoin’s dominance remaining high.
Cardano price on the way to $0.28 if this level holds
After the breakout above an ascending triangle pattern on the 1-hour chart, Cardano price peaked at $0.257 and has dropped towards the previous resistance trendline, which should act as a robust support level.
ADA/USD 1-hour chart
Cardano bulls must defend the support level at $0.24 in order to push ADA towards the price target of $0.28. The In/Out of the Money Around Price (IOMAP) chart shows less resistance than support on the way up. The next most crucial resistance area seems to be located between $0.223 and $0.229. Cracking this area would lead Cardano price to a high of $0.25 before the next hurdle.
ADA IOMAP chart
On the other hand, if the $0.24 critical support level doesn’t hold, Cardano could quickly drop towards the most significant support area, which is established between $0.20 and $0.21, according to the IOMAP chart.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
