Will Cardano Price Hit $1 Soon? Analyst Spots Key Breakout Signal

Recently, prominent analyst Ali Martinez analyzed Cardano (ADA) price action and showed signs of a potential breakout.

The $0.74 and $0.83 levels are being monitored closely by traders and investors as the cryptocurrency market grapples with ongoing uncertainty.

A move either above or below these price points may see ADA price undergo its next major breakout.

Cardano Price Trades in an Ascending Triangle

Analyst Ali Martinez detected an ascending triangle formation in Cardano price charts that usually indicates an approaching breakout.

Higher lows together with the $0.83 resistance define this ascending triangle pattern which signals upcoming market appreciation.

Support for ADA has been strengthening progressively at higher price levels in a consolidation trend that may result in a price rise after breaking past the $0.83 resistance threshold.

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According to Martinez, the essential support and resistance levels for ADA analysis rest at $0.74 and $0.83.

The ADA price will tend to rise by 24% following a successful breach of the $0.83 resistance point.

ADA demonstrates bearish tendencies when prices fall below $0.74 support which might drive the asset value to $0.56.

The ascending triangle pattern commonly signals upward momentum for prices therefore suggesting an upside break in this situation.

Cardano Price to $1?

More so, a Cardano price breakout above $0.83 resistance may trigger a major price increase.

According to Martinez, a price breakout will trigger a surge that may push ADA past the $1 milestone.

This would be a psychological milestone for many traders, marking a potential reversal of its recent downtrend.

However, Cardano witnessed a steep decline from the Dec 2024 high of $1.3278, losing over 58% during a crypto market downturn.

But in recent weeks, the cryptocurrency has bounced back on the expectation of Grayscale’s spot exchange-traded fund (ETF) application.

A potential move above $0.83 could give this renewed optimism and ADA could regain its footing and reach the $1 level soon.

ADA Technical Analysis

Currently, the MACD (Moving Average Convergence Divergence) indicates a bullish momentum.

Buying power is building as indicated by the MACD line (blue) crossing above the signal line (orange).

In addition, the histogram is in positive territory, further confirming the possibility of a Cardano price rise in the short term.

Meanwhile, the Bollinger Bands also offer useful insights into Cardano price action. ADA price is near the lower band, indicating oversold conditions.

This implies that ADA has the potential to bounce if it sustains above $0.74.

Additionally, the bands are getting narrower, a sign that volatility may be falling, a positive sign for a potential breakout.

ADA may meet resistance near the $0.83 mark if ADA shifts upwards to the upper Bollinger Band,.

A breakout might push the asset even higher, and towards the $1 level.

At press time, Cardano (ADA) price was trading at $0.7643, down 4.85% over the past 24 hours.