Lorenzo Stroe
Independent Analyst
- 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.
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