- Cardano price just broke out of an ascending triangle pattern on the 1-hour chart.
- Bulls need to defend $ 0.24 to propel ADA towards their target of $ 0.28.
Cardano was trading within a short-term uptrend on the hourly chart before making a significant breakout. The digital asset has shown a lot of strength despite the continued high dominance of Bitcoin.
Cardano price on the way to $ 0.28 if this level holds
After breaking above an ascending triangle pattern on the 1-hour chart, Cardano price hit a high of $ 0.257 and has fallen towards the previous resistance trendline, which should serve as a robust support level.
ADA / USD 1 hour chart
Cardano bulls will need to defend the support level at $ 0.24 to propel ADA towards the price target of $ 0.28. The IOMAP (In / Out of the Money Around Price) chart shows less resistance than support on the way up. The next most important area of resistance appears to be between $ 0.223 and $ 0.229. Cracking this area would take Cardano price to a high of $ 0.25 before the next hurdle.
There is an IOMAP chart
On the other hand, if the critical support level of $ 0.24 is not reached, Cardano could quickly fall towards the main support area, which is between $ 0.20 and $ 0.21, according to the IOMAP chart.
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