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Cardano Breaks Out of Falling Wedge, Now Eyes $0.95 Resistance
Cardano has broken out of a multi-week falling wedge, suggesting a potential shift in market direction. The pattern, identified by the analytical account My Crypto Paradise, indicates that ADA now faces key support and resistance zones that could determine whether the move gains momentum or fades. The falling wedge formation had constrained ADA’s price action for several weeks. The breakout, if sustained, could signal renewed interest from buyers. However, the analyst cautions that such moves can sometimes trap late entries if not supported by strong follow-through.
Notably, Cardano is trading at $0.8021, a 7.9% surge in the past day. The token has now seen an 11% surge in the past week, increasing its uptick to 34.6%.
Cardano’s Key Resistance Levels Ahead
On the upside, My Crypto Paradise identified $0.8600 as the first minor resistance point. Beyond that, the real test lies between $0.9300 and $0.9500, a historically strong resistance zone. This level could attract profit-taking from traders who entered lower and also serve as a re-entry point for short-sellers. The outcome of ADA’s attempt to break through this zone may determine the mid-term trajectory of the token.
The analyst noted that technical indicators are beginning to support the bullish thesis. The Relative Strength Index (RSI) has turned upward, signaling improving momentum and buyer participation. Still, the analyst urges traders to manage risk carefully, especially given the potential for price rejection at higher levels.
Analyst Targets $2.0 to $2.5 for Cardano
Meanwhile, another chart shared by analyst CryptoGnojek also confirmed Cardano had broken out of a falling wedge pattern, signaling a bullish reversal. The analyst noted that ADA is now targeting the $2.00 to $2.50 range, with the breakout suggesting a possible extended rally.
He highlighted key Fibonacci retracement levels, with immediate resistance at $0.917, followed by $1.35 and $1.699. The primary target lies at the 0.618 Fibonacci level of $2.049, with the upper resistance zone extending to $2.546. Further target includes $3.180, while the full extension at $5.010 represents a long-term bullish scenario. The breakout is a crucial turning point, but ADA must hold above support and clear near-term resistance to confirm the reversal.
Notably, prominent analyst Ali Martinez had earlier identified Cardano’s potential targets at $3.09, $4.19, and as high as $6.25 if the pattern repeats. He compared ADA’s current price action to its 2020–2021 bull run, noting structural similarities despite a slower pace.
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