- ADA nears $0.60 support, forming a triple bottom pattern signaling a possible trend reversal.
- Falling wedge structure suggests a breakout, with targets at $1.0057, $1.2114, and $1.4329.
- Long bias on major exchanges and holding key support indicate growing bullish trader sentiment.
Cardano (ADA) is trading at $0.6090 and is approaching a support area that has held firm twice in the past. Analysts are observing a potential triple bottom structure, a chart pattern that often signals a trend reversal. If confirmed, this setup may lead to renewed upward momentum.
Triple Bottom and Falling Wedge Structure Observed
ADA is testing a long-standing support zone near $0.60, previously respected in February and April, according to VIP Rose analysis. The analyst noted that the price may be forming a triple bottom structure, which is often associated with bullish reversals.
For this setup to be valid, ADA must hold above the zone and print a strong bullish weekly candle. In addition, Rose pointed out a large falling wedge pattern on ADA’s chart. This formation occurs when price compresses within downward-sloping trendlines, and it often signals a potential breakout to the upside.
Historical resistance along the wedge was observed near $1.3 in December and around $1.17 in March. A break above the wedge could be a strong signal for buyers.
Price Targets and Market Indicators Support Recovery Outlook
The first upside target, if ADA confirms the breakout, is set at $1.0057. Further resistance may emerge near $1.2114 and $1.4329, as noted in the same analysis. This would represent a potential 134% move from the current price.
According to data from CoinGecko, ADA has declined over 13% in the past week but continues to hold its key support zone. Analyst Marcus Corvinus stated that “ADA is coiling up” inside a descending channel, showing accumulation signs. He emphasized $0.85 as the next resistance level, with $1.17 as a possible future target.
Data from Coinglass also showed strong long positions on platforms like Binance and OKX, suggesting that trader sentiment remains optimistic. If ADA maintains support and volume increases, a sustained recovery could follow.
