Cardano (ADA) Poised for a Potential 40% Surge as It Consolidates Within a Symmetrical Triangle

A symmetrical triangle pattern has emerged on ADA’s price chart, a formation that often precedes a strong directional move.

Cardano (ADA) price has formed a symmetrical triangle pattern on the 4-hour timeframe chart, hinting at a potential 40% breakout move.

Key Points

ADA price has formed a symmetrical triangle pattern, signaling a potential breakout.

Technical indicators like MACD and EMAs suggest bullish momentum.

Rising open interest indicates trader speculation, while lower funding rates show caution.

Cardano (ADA) price is preparing for a breakout from a symmetrical triangle pattern, which could lead to a 40% price surge.

Cardano (ADA) Technical Analysis: Key Breakout In Sight

Cardano (ADA) price has formed a symmetrical triangle pattern on the 4-hour timeframe chart, hinting at a potential 40% breakout move. The apex of the triangle is located around $1.05, and a breakout from this level could see ADA price rally towards $1.40.

On the daily timeframe, ADA price has formed three successive bullish candles and a double-bottom reversal structure from $0.90, instilling bullish sentiment among investors. At press time, Cardano price trades at $0.98, up 1.82% in today’s session.

Cardano (ADA) price 4-hour timeframe chart, showing the symmetrical triangle pattern (Ali Martinez)

Technical indicators like the MACD are signaling a near completion of ADA’s consolidation, which is expected to resolve around March 2023. “Cardano is in a symmetrical triangle, getting ready for a breakout that can make a 40% price move,” said cryptocurrency analyst Ali.

Also, keep an eye on the 50-day Exponential Moving Average (EMA), which has been preventing a bearish crossover with the 20-day EMA. If bullish momentum prevails, ADA price could rally towards $1.40 in the coming weeks.

According to Fibonacci retracement levels, a move upwards beyond $1.05 opens ways to a continued rally. However, failure to maintain momentum may lead to a retest of lower support levels around $0.90.

Traders are monitoring significant resistance and support levels to observe how probable an upward breakout is.

Cardano (ADA) price has plotted the symmetrical triangle pattern on the 4-hour timeframe chart. (Ali Martinez)

Cardano (ADA) Open Interest and Funding Rates

Open interest in Cardano futures has increased by 0.51%, now standing at $1.22 billion. This rise indicates growing trader speculation ahead of the expected breakout.

However, the funding rates have fallen to 0.033%, suggesting that even with positive sentiment, a level of caution prevails among traders. This observation aligns with the flattening nature of ADA’s price action within the triangle pattern.

Cardano (ADA) price is set to surge, with dominance approaching 1% and a potential 5x growth fueled by rising market cap and TVL expansion. (Mr Brownstone)

Cardano (ADA) Price Analysis: What to Expect from ADA in 2023?

Cardano (ADA) price has performed remarkably well in the first half of 2023, registering over 200% gains and ranking among the best-performing cryptocurrencies.

As the year's second half begins and the cryptocurrency market continues to recover, what can we expect next from ADA price? Let's analyze the latest price action, technical indicators, and market sentiment to uncover potential scenarios.

Cardano (ADA) price began the year 2023 trading around the $0.25 mark. After forming a local top at $0.38 in mid-January, ADA price скорректирован back down to $0.30 before resuming its uptrend.

March was a pivotal month for ADA price, as it finally managed to break through the crucial resistance zone at $0.40, which had been caging Cardano for the past two years. This breakout sparked a rapid price appreciation, leading ADA to highs of $0.60 by early April.

After forming another local top around $0.60, ADA price скорректирован down once again to the $0.48–$0.50 support zone. From this level, Cardano began forming a bullish ascending triangle pattern on the 4-hour timeframe.

A breakout from this ascending triangle pattern occurred in mid-May, pushing ADA price up to the next critical resistance zone at $0.85–$0.90. After another brief consolidation, Cardano price finally breached this resistance on May 24, leading to a final leg up to the $1.00 round-level resistance.

Cardano (ADA) price 4-hour timeframe chart, showing the bullish ascending triangle pattern forming in April 2023 (Ali Martinez)

As ADA price attempts to clear the $1.0