The post Will Cardano Price Hit $1 Soon? Analyst Spots Key Breakout Signal appeared on BitcoinEthereumNews.com.

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. – Advertisement – Source: X 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…

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Filed under: News - @ February 22, 2025 10:19 am