Cardano bullish triangle - Alt season is here
2024-12-06

Hey Traders!

Cardano (ADA/USDT) is showing an exciting setup as it forms a symmetrical triangle, signaling that the market is consolidating and preparing for a potential breakout. Based on the current price action, there is a clear bullish bias, but we can’t ignore the possibility of a bearish breakdown.

The price has been respecting the rising support line, currently holding at $1.0489, while resistance stands firm at $1.3269. If the price breaks above this resistance level with strong volume, it could trigger a bullish rally toward the Fibonacci target at $1.7080, offering a promising opportunity for buyers.

However, there’s always risk in these setups. If the price loses momentum and breaks below $1.0489, the bullish scenario would be invalidated, and ADA might drop toward the lower support at $0.9408, marking a bearish turn.

This pattern is a classic decision point. A breakout above resistance signals strength, while a breakdown below support could lead to a deeper retracement. Watch the volume closely for confirmation as we approach the apex of the triangle.

What do you think, traders? Will ADA break out to the upside or slide lower? Let me know your thoughts in the comments below!