- Cardano consolidates within symmetrical triangle pattern as analysts eye breakout scenarios.
- Ali Martinez identifies $1.70 target aligning with 1.414 Fibonacci extension at $1.75 level.
- ADA trades at $0.66 after retracing from Monday’s $0.69 high amid market pullback.
Cardano has formed a symmetrical triangle pattern on its chart, creating conditions that could precede a strong price rally. The token currently trades at $0.66, down 3% over the past 24 hours following a retreat from Monday’s $0.69 peak.
Technical analyst Ali Martinez has outlined a bullish scenario for ADA based on the consolidation pattern. He noted in his recent forecast that the token has been trading within the symmetrical triangle, and a breakout appears increasingly likely as the pattern matures.
Resistance levels define upside path
Martinez identified $0.80 as a critical resistance zone that ADA must clear to confirm the breakout. This level sits approximately 21% above the current market price. The analyst suggests that increased buying pressure combined with bullish sentiment could push Cardano through this supply zone and out of the triangle formation.
Beyond the immediate resistance, Martinez projects a move toward $1.70 for Cardano. This target aligns closely with the 1.414 Fibonacci extension at $1.75, providing technical support for the projection. From current levels, reaching $1.70 would represent a 157.5% price increase for the cryptocurrency.
The symmetrical triangle pattern typically forms during consolidation periods following price movements. These structures can resolve in either direction, though Martinez’s analysis focuses on the bullish breakout scenario given current market conditions and positioning within the pattern.
Martinez is not alone in expecting Cardano to surpass the $1 threshold. Market analyst Dan Gambardello suggested the move could materialize unexpectedly, stating the token would suddenly double to trade between $1 and $1.30. According to Gambardello, ADA could continue climbing from those levels despite selloffs, eventually triggering fear of missing out due to persistent price advances.
Multiple analysts converge on $1 target
Trader MMB also predicted Cardano would soon exceed $1, citing the token’s ability to maintain key support despite price uncertainty. The analyst emphasized that a comeback remains viable as long as ADA continues holding the $0.51 support level, which has provided a floor during recent weakness.
The convergence of multiple technical analysts around the $1 level and higher targets suggests growing confidence in Cardano’s potential for upward movement. However, the actual breakout depends on several factors including Bitcoin’s performance, overall market conditions, and buying volume at critical resistance zones.
For the bullish scenario to materialize, ADA must first reclaim the $0.69 level it reached earlier this week, then push decisively through $0.80 to confirm the triangle breakout. Volume expansion during these moves would strengthen the case for continuation toward Martinez’s $1.70 target.
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