Most altcoins are showing green this week as Bitcoin’s price hovers just below its March ATH. One of these altcoins is Cardano, with the ADA price now up 4.5% today, trading above $0.36.
Analyst “CryptoBull_360” shared his ADA price forecast with his 30,000 followers on X, formerly Twitter.
The analyst’s chart reveals ADA moving within a descending triangle pattern, where the price has been making lower highs while maintaining support around the $0.30-$0.32 range. This pattern, though typically bearish to neutral, appears to be nearing its conclusion, suggesting an imminent breakout.
The analysis points to a potential upward move targeting the $0.44 level, which would represent a 20-25% gain from current prices near $0.35. This target zone, marked by a green box on the ADA chart, coincides with previous resistance levels where significant selling occurred.
Supporting this potential move is an increase in trading volume, which often precedes significant price action. ADA’s trading volume in the last 24 hours is around $300 million.
The Cardano chart shows strong support at $0.32, where ADA has previously found buying interest. The immediate resistance sits at $0.37, aligned with the descending trendline.
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Notable order blocks near the $0.37 resistance area indicate zones of high trading activity. A breakthrough above these levels could provide additional momentum for the predicted move toward $0.44.
The rising volume profile adds weight to the possibility of a breakout, particularly if the Cardano price manages to close above the descending trendline resistance.
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