Cardano (ADA) has officially broken out above the symmetrical triangle pattern after several weeks of accumulation, surpassing the resistance level of $0.65 thanks to increasingly strong bullish momentum.
This move marks the end of an extended accumulation phase, as the price of ADA has been tightly fluctuating between two converging trend lines. At the time of writing, ADA is trading around the $0.69 mark, recording a slight increase of 0.43% in the past 24 hours.
More importantly, this is a structurally significant breakout, coinciding with the Fibonacci extension level of 1.618 at $0.684 — which has now become a new support area. The next short-term resistance level is at $0.711, seen as the final barrier before ADA can aim for the $0.77 mark.
