- Cardano forms W pattern, targets $0.66 breakout
- $0.60 retest holds as bulls eye $0.70 next
- TD Sequential buy signal boosts ADA momentum
Cardano ($ADA) retested the $0.60 area this week, which also aligns with the trendline of a developing W pattern. This level is viewed by analysts as a key structure in ADA’s potential breakout. With the pattern forming clearly, traders are watching for a move to $0.66. If momentum builds and $0.66 is cleared, ADA could retest the $0.70 level.
Cardano Technical Structure Points to Potential Upside
After rebounding from lows near $0.50, ADA surged by 13%, reaching a high of $0.63 before pulling back to around $0.60. This retest of $0.60 has caught attention due to its alignment with a visible W pattern trendline, often seen as a bullish setup.
If ADA maintains this level, analysts suggest a breakout toward $0.66 could soon follow.Technical indicators remain mixed, with ADA trading below major moving averages. A “Death Cross” formation is still in play, where the 200-day EMA has crossed above the 50-day EMA.
However, the TD Sequential indicator recently flashed a buy signal, and short-term momentum appears to be returning. The $0.581 level remains a key support, as noted by analyst RLinda.
Market Sentiment, Pattern Analysis, and Key Levels
Cardano’s market cap dominance is near 3.5%, and some analysts see a familiar pattern repeating from the 2021 bull cycle. Crypto analyst @Deezy_BTC has pointed out a head and shoulders formation in ADA’s dominance chart.
This pattern, if confirmed, could support a longer-term rally, with $5 being mentioned as a target in a $5 trillion market cap scenario.In the short term, ADA must hold above $0.60 and break past $0.66.
If that level is crossed with strong volume, a move toward $0.70 may follow. Market sentiment is still fragile due to macroeconomic concerns, but a bullish pattern and improving structure give traders levels to monitor closely.
