Cardano (ADA) is gearing up for a potential breakout as renewed optimism in the market propels the asset toward critical resistance levels.
Currently trading at $0.84, ADA has broken out of a bullish pennant pattern, with price action approaching a decisive point, as highlighted by analyst Av_Sebastian in a recent X post dated November 20.
Technical analysis: Key levels and patterns
According to the analysis, Cardano’s breakout from a bullish pennant pattern indicates strong upward momentum, driven by rising trading volume and an RSI nearing overbought levels.
Cardano price analysis chart. Source: Av_Sebastian/TradingView
The next critical resistance lies at $0.91, aligning with the measured move projected from the breakout pattern. Should the rally persist, $0.85 may flip from resistance to support, further solidifying ADA’s bullish stance.
On the downside, $0.70 now acts as a significant support level after being flipped from resistance, with additional cushions at $
We współpracy z: https://finbold.com/heres-why-analysts-are-turning-bullish-on-ada/
