Cardano Price Prediction: ADA sees a breakout and targets $0.28 – FXStreet

Lorenzo Stroe Lorenzo Stroe
FXStreet

Cardano has been trading inside a short-term uptrend on the hourly chart before a significant breakout. The digital asset has shown a lot of strength despite Bitcoin’s dominance remaining high. 
After the breakout above an ascending triangle pattern on the 1-hour chart, Cardano price peaked at $0.257 and has dropped towards the previous resistance trendline, which should act as a robust support level.
ada price
ADA/USD 1-hour chart
Cardano bulls must defend the support level at $0.24 in order to push ADA towards the price target of $0.28. The In/Out of the Money Around Price (IOMAP) chart shows less resistance than support on the way up. The next most crucial resistance area seems to be located between $0.223 and $0.229. Cracking this area would lead Cardano price to a high of $0.25 before the next hurdle.
ada price
ADA IOMAP chart
On the other hand, if the $0.24 critical support level doesn’t hold, Cardano could quickly drop towards the most significant support area, which is established between $0.20 and $0.21, according to the IOMAP chart.

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Cardano has recovered the psychological $0.50 level on Tuesday helped by the more positive market sentiment surrounding the cryptocurrency ecosystem. ADA is also hinting at what could be considered a potential double bottom formation at $0.455, the level where it closed on Saturday and where it also had set a bottom close on May 27. It is still early to call for such formation, as Cardano bulls still have long ways to go before the needed break past the interim high above $0.64 to confirm such a reversal trend. The timing and success of the Vasil hard fork, rumored to be delayed, is likely to have a big impact on the Layer 1 token price.
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