- Cardano forms a broadening wedge on the 3D chart, marking its third consecutive bullish technical pattern since recent price consolidation began.
- RSI rebounds from neutral while trading volume confirms accumulation between $0.50 and $0.75, hinting at strong bullish momentum building.
- Price breakout could target $0.80, $1.00, $1.30, and $1.80, supported by historical pattern behavior and Wyckoff accumulation signals.
Cardano (ADA) has shown strength as it trades within a broadening wedged on the 3-day chart and indicating possible breakout. The identification of the broadening wedge is the third bullish techinical formation in a row that strengthens growing confidence in the assets investment capabilities.
Technical Setup Suggests Continued Uptrend
A recent tweet from analyst Jonathan Carter points to Cardano’s third consecutive bullish chart pattern. The broadening wedge now forming on the 3D chart follows two prior descending wedge breakouts that led to upward moves. Currently priced around $0.7061, ADA is testing the upper boundary of the wedge while approaching the 50-day moving average.
Market momentum is gradually building. The Relative Strength Index (RSI) is recovering from neutral territory, and volume patterns reflect continued buying activity between the $0.50–$0.75 range. These signs suggest accumulation is underway.
If Cardano breaks out of the wedge, potential resistance levels include $0.80, $1.00, and $1.30. A projected target of $1.80 could follow if momentum continues, aligned with the Wyckoff accumulation model’s markup phase.
Analyst Forecasts Key Targets Upon Breakout
Carter used his tweet to point out price milestones he expects after a confirmed breakout. He said, “After a breakout, expect upward movement toward targets of $0.80, $1.00, $1.30 and $1.80.” These levels are psychological and technical barriers and are often points of decision for traders.
The chart analysis supports this view, as Cardano continues its pattern of forming bullish wedges. Each previous pattern produced swift upward movement after breakout. With price action nearing resistance and RSI beginning to trend higher, many eyes are on the next move.
Volume plays a critical role in validating the breakout. A surge in buy-side pressure above $0.80 would be a key confirmation for continuation toward higher targets.
Market Performance and Investor Sentiment
Cardano was trading at $0.7061 as of writing, showing a slight 0.07% decline over the past 24 hours. However, the weekly gain stands at 4.62%, reflecting growing short-term optimism. Daily trading volume remains healthy at $716,857,409.
As ADA continues to respect its technical structure, the formation of three bullish patterns in succession increases anticipation. Market participants will closely monitor price action near resistance zones, watching for any breakout backed by volume.
