Cardano (ADA) Price Approaches Key Breakout Level That Could Trigger a Breakout Toward Higher Levels

Currently trading at $0.73, the top altcoin is moving closer to the apex of a symmetrical triangle pattern that has developed over several weeks.

Cardano price is approaching a key technical level that could trigger a breakout toward higher levels.

According to analyst Trendxinc, the apex of a symmetrical triangle pattern is emerging in the Cardano price chart. This structure has been forming over several weeks, characterized by lower highs and higher lows.

As the price converges toward the apex of the triangle, it is approaching a critical resistance level around $0.80. A daily close above this zone may confirm a breakout from the symmetrical triangle pattern.

If the breakout occurs, it could propel the Cardano price toward $1.1278. This level represents a 50.95% increase from the breakout point and is defined by historical resistance zones.

However, breakout confirmation depends on strong volume. Typically, price consolidation in a tight range creates a build-up of momentum, which is released during the breakout.

Technical charts indicate that sustained movement above the $0.80 resistance may trigger follow-through buying. The pattern itself signals potential for a directional move.

Moreover, breakout confirmation is crucial, as breakouts without sufficient volume may reverse quickly and fail to sustain the altcoin rally. A retest of the breakout zone could occur before a continued upward move.

Meanwhile, ADA whale movements, with over 240 million tokens accumulated, indicate growing confidence in a potential price surge.

This strategic buying, combined with long-term holder conviction, supports the case for a continued upward trend toward $0.85.

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Another analyst, Lucky Luciano, has identified a bullish flag on Cardano price charts. The flag pattern follows a strong uptrend and is defined by a downward-sloping channel.

This structure, when resolved to the upside, generally signals a continuation of the prior trend. In this case, the upper channel boundary, near $0.70, acted as resistance.

Previous attempts by the altcoin to break above this level have failed, leading to a return to the channel. However, current momentum and volume suggest that Cardano may now be positioned for a stronger attempt.

If successful, the next potential ADA price target is around $1.30. This is measured by the height of the pole, which is the initial uptrend, and is applied to the breakout point.

According to Luciano, the altcoin could reach $1.80 if momentum continues. The structure of the flag and its relation to past resistance levels provide traders with short- and mid-term targets.

Cardano price must maintain support and close above resistance to confirm this scenario.

Despite the recent struggles faced by Amazon in a turbulent macro environment, market expert Dan Gambardello has drawn a long-term parallel with the tech giant’s development.

According to Gambardello, Amazon’s recovery after a deep decline during the dot-com era is still fresh in traders’ minds.

During that period, a new low brought a return to 1997 levels, highlighting the magnitude of the decline. However, the tech giant’s ability to innovate and adapt led to a strong recovery.

This resilience is evident in Amazon’s stock price, which has risen to new highs despite the broader market downturn.

Gambardello believes that the Cardano price movement closely resembles early Amazon charts in terms of structure. Of course, ADA is still far from its all-time high.

However, the crypto is focused on building a scalable ecosystem, which is a key aspect of long-term growth. This has kept Cardano price relatively stable during broader market corrections, setting it apart from other altcoins.

Gambardello added that macro conditions may now support the next growth phase for Cardano, similar to how Amazon persevered through a challenging period to emerge stronger.

This comparison is based on both entities’ commitment to innovation, planning for the long term, and adapting to changing market dynamics.