After weeks of tightening price action, Cardano (ADA) has finally made its move — and it is upward. As reported by analyst Ali Martinez, the popular cryptocurrency just broke out of a symmetrical triangle pattern it had been trading inside since early April.
The setup had been in the works for a while as ADA had been trading within converging trendlines, gradually becoming less volatile while traders waited for a clear signal. The market was looking for a 27% price swing once the breakout came, based on the pattern.
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And it happened. The price of ADA saw a 3.39% jump, going up from $0.62 to above $0.64, breaking the upper boundary of the triangle with a big green candle. That kind of spike does not guarantee a lasting rally, but it does mark a technical change in character.
The volume went up on the breakout, which shows that this was not just noise. With Cardano’s volume surging 44.3% in 24 hours, it is obvious that the trading activity is back.
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But a move like that does not happen in a vacuum. ADA’s breakout comes at a time when the market has been unstable, swinging back and forth between fear and greed. Whether this breakout will lead to the full 27% move — a target in the $0.79 range — depends on what follows: consolidation with strength, or a rejection back into the pattern.
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ADA is holding steady above the key $0.64 mark for now. It is a sign that buyers are stepping in, at least at this level. The triangle is broken, the pattern has been figured out — and now the market decides what to do with that information.
Source: https://u.today/cardano-will-eye-27-bull-rally-if-this-pattern-breakout-validates