Cardano price is on its way to $0.25 as it faces practically no resistance ahead
- Cardano price managed to break out from an ascending triangle pattern on the 12-hour chart.
- The price target of $0.25 remains realistic as on-chain metrics show ADA faces very little resistance on the way up.
Cardano price had a major 13% jump after a clear breakout from an ascending triangle pattern on the 12-hour chart. Despite the significant pump, it seems that the digital asset still has more room to climb.
Cardano price continues aiming for $0.25
After the breakout of the ascending triangle pattern on the 12-hour chart, bulls have been in full control of the trend. ADA aims for $0.25 in the long-term as it faces very little resistance above according to many indicators.
ADA/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows virtually no resistance above $0.18 well until $0.21. This indicates that bulls won’t face many difficulties pushing ADA through several resistance levels.
ADA IOMAP chart
However, the IOMAP chart also shows very little support until the area between $0.166 and $0.172 which coincides with the previous resistance trendline. After a breakout, it’s often the case that an asset will drop back to re-test the previous resistance, which in this case coincides with what the IOMAP says, giving credence to this bearish outlook.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
