Cardano Eyes Breakout as Symmetrical Triangle Forms: Target $0.54

• Cardano’s symmetrical triangle hints at a breakout, with a potential target of $0.54 if it moves upwards from its current price of $0.36.
• ADA faces dynamic resistance at $0.35, with multiple upward attempts rejected. Support holds a firm near $0.34 in the current setup.
• The RSI at 43.02 signals decreased momentum, but the triangle’s apex suggests a major move is coming for ADA traders to watch closely.

Cardano is on the verge of a breakout from a 1D symmetrical triangle, as TheMoonCarl has demonstrated. From its current price of $0.36, the tweet suggests a potential 48% increase to $0.54. Traders are expecting a big change in the market as long as ADA keeps consolidating.

ADA’s Technical Setup and Price Action

ADA has dropped by 0.40% and is currently trading at $0.3473. The price movement has been restricted within a declining channel, confirming the ongoing bearish trend at lower highs and lower lows. 

However, multiple tests of the lower channel boundary around $0.34 suggest strong support. Additionally, the 50-period moving average has formed dynamic resistance at $0.35, with several upward price attempts being rejected.

The ADA/USDT chart shows price action from September 19 to October 17, 2024. Notably, ADA reached a peak of $0.41 in late September before entering a downtrend. A selloff occurred in early October, pushing the price below the 50-period moving average. Currently, the RSI indicator sits at 43.02, indicating decreased momentum compared to earlier periods in October.

Market Dynamics and Indicators

Volume remains relatively stable, with no extraordinary spikes, indicating a balanced distribution. However, the apex of the symmetrical triangle suggests an imminent breakout. If ADA breaks to the upside, the price could target $0.54. Conversely, a downside break could lead to further bearish action.

Support levels have formed near $0.34, while resistance around the 50-period moving average remains firm at $0.35. Consequently, price consolidation between $0.34 and $0.36 shows reduced volatility since September.

Read CRYPTONEWSLAND on google news

Source: Bingx

Potential for Upside Move

The symmetrical triangle pattern often leads to breakouts, and with volume slightly moving, a potential upside seems likely. Moreover, the decreased volatility from September levels suggests the market is gearing up for a decisive move. Hence, traders are closely watching ADA for confirmation.