Cardano (ADA) Price Prediction: Symmetrical Triangle Points to Breakout Toward $0.72-$0.74

Cardano has seen a notable rise of over 40% from early April lows, showing that investor appetite for altcoins is returning.

Crypto traders are closely watching Cardano (ADA) as it attempts to break free from a symmetrical triangle formation on the 4-hour chart, according to a trader known as “Token Talk” on X.

This symmetrical triangle has been forming as Cardano is seen bouncing off rising support and falling resistance. The converging lines of support and resistance have created a narrowing structure, which typically indicates indecision among traders. However, throughout crypto trading history, such formations are often observed before a large breakout.

As seen above, “Token Talk” notes that Cardano ispivotal point as it approaches a major test at the $0.70 resistance level. This zone has acted as a barrier to past rally attempts, making it a crucial level to watch. A breakthrough above this barrier could pave the way for Cardano to rally toward the $0.72–$0.74 zone.

Moreover, traders should also keep in mind that Cardano saw massive whale accumulation in April. According to data from Shark Scanner, whale wallets picked up a total of 410 million ADA coins throughout the month.

This large-scale buying activity, especially when considering the size of the coins being bought, suggests that large-scale investors remain interested in Cardano even as the broader crypto market struggles to break free from macro uncertainty and major resistance points.

Another Analyst Highlights Symmetrical Triangle

Meanwhile, another crypto analyst, Carl Runefelt, also known as Carl Moon, has also spotted the symmetrical triangle formation in his analysis of the 4-hour chart of Cardano on May 3.

According to Runefelt, if Cardano manages to break upward, then it could be setting up for a move toward his bullish target of $0.7730. But if the cryptocurrency fails to hold support, then it could be setting up for a fall to $0.6280.

“If breaks, then towards 0.7730. If fails, then towards 0.6280,” said Runefelt.

A broader view on the 3-day chart of ADA/USDT from Analyst Arman Shaban on TradingView shows that Cardano went on a strong run from $0.33 to almost $1.32 before it encountered strong selling pressure at what’s called a Bearish Order Block.

This reversal saw prices drop into a correction phase, which brought them all the way back down to a key Demand Zone around $0.50. This level of support also coincided with a Bullish Order Block, making it an important zone for traders to watch.

During the drop, Cardano also managed to fill a nearby Fair Value Gap, which is another technical indicator that can be useful for traders to identify points where there’s potential for renewed buying interest.

After setting a bottom and bouncing, upcoming Fib levels and a round number may present some good zones for traders to watch out for. These include $0.75, $0.81, $0.93, and $1.05. As of writing, Cardano is trading at $0.659.