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- Cardano aims for $0.85 after breaking key resistance, fueled by strong bullish momentum and high trading volume.
- A symmetrical triangle breakout signals a potential 15.26% rally, with ADA holding above $0.72, showing positive market sentiment.
- If ADA sustains above $0.77, it could target $1.20 to $1.40 in the coming weeks, with historical price behavior backing future gains.
Cardano showed strong upward momentum as it broke through critical resistance levels, aiming for $0.85. The recent price action displayed a symmetrical triangle breakout, signaling a potential 15.26% rally. Current trading activity suggests bullish sentiment as ADA trades at $0.7341 with a robust volume of 736,000 units. A notable green candle on November 15 marked the start of this upward push.
Bullish Momentum Drives Price Toward New Highs
The ADA/USDT trading chart reveals a clear shift from bearish to neutral sentiment within the triangle formation. Buyers consistently defended the $0.70 support level, forming higher lows and tightening the trading range.
Source: The Moon
Besides, the breakout above the resistance trendline occurred with increased volume, confirming stronger buying interest. Consequently, the price consolidated between $0.70 and $0.80 over the past three days, maintaining steady progress.
Moreover, small-bodied candles during the consolidation reflected balanced market activity, while green candles at lower levels signaled growing buyer control. With prices hovering above $0.72, market participants anticipate a continued move toward the $0.85 target.
Weekly Insights: Long-Term Prospects
According to analyst Ihsan Agaz, Cardano touched $0.77, testing resistance levels with high volume. If this momentum persists, ADA could target $1.20 to $1.40 in the coming weeks. However, failure to sustain above $0.77 may lead to a pullback toward $0.60.
Significantly, the ADA/USDT weekly chart highlights strong buying momentum following a prolonged consolidation phase of around $0.40 in 2023. Trading volumes surged as prices broke multiple resistance levels, establishing $0.80 as a critical zone. Besides, historical data shows accumulation phases between $0.20 and $1.20, showing ADA’s cyclical price behavior.
Furthermore, ADA’s recent 10.85% surge aligns with broader bullish trends. Clear market structure development and increased trading volumes signal optimism for further upside. Hence, the breakout’s validity suggests Cardano could achieve significant gains if the $0.77 level is held.