Cardano breaks out: ADA targets the next milestone of 80 cents

* Cardano is up about 3% as whale activity and RSI indicate a bullish trend is developing.

• A breakout from the forming triangle pattern could be the next significant move for Cardano.

Cardano [ADA] has risen nearly 3% in the last 24 hours, according to data from CoinMarketCap. This trend seems to be more than just a slight increase.

With strong technical signals and increased activity from whales, ADA may be gearing up for a larger bullish move.

At the time of writing, ADA is trading near a key support level at 0.68 USD. The Relative Strength Index (RSI) is in an oversold position.

This often suggests a reversal opportunity and in the case of ADA, this seems to be true. Buyers are regaining confidence, potentially pushing the price higher.

Source: TradingView

Large ADA orders indicate whale interest

On-chain data provides additional reliability for the bullish case as it indicates an increase in the Average Spot Order Size.

For newcomers, this is an important indicator reflecting the number of ADA per order on the exchange. The recent increase in order size often suggests the presence of large investors or institutions.

Often when large holders stake significant amounts, market momentum tends to lean in their favor.

In the case of Cardano, the surge in average order size suggests that large investors are positioning themselves ahead of a potential breakout.

If their momentum continues, it could act as a catalyst for a stronger bullish.

Source: CryptoQuant

Symmetrical Triangle Model - Is a breakout about to happen?

In addition to the setup, the daily chart of ADA currently shows a narrowing triangle pattern. This pattern often precedes a breakout, although it does not necessarily indicate the direction.

However, when momentum shifts to positive and whales start to participate, the breakout may lean towards bullish.

The volume of altcoin is also gradually increasing, adding strength to the breakout prospects.

Traders and investors should monitor whether ADA can close daily above the resistance line of the triangle, as this could trigger additional buying pressure.

All eyes on the next resistance

If ADA makes a strong breakout, the nearest resistance level is between 0.70–0.80 USD. A move beyond this area could solidify a reversal trend and open up more bullish possibilities.

However, if the breakout fails, ADA may test the lower boundary of the pattern.

Currently, the sentiment is very bullish. As the technical factors align and whales increase their activity, ADA may be positioning itself for a final bullish move.

Thank you for reading this article!

Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!