#Cardano (ADA) is entering a pivotal phase in its market structure, with its daily chart revealing a potential breakout setup. According to a recent technical analysis, ADA has been climbing steadily and is now approaching a key resistance level at $0.7219. This threshold has historically acted as a significant barrier, and the market’s reaction here could determine whether #ADA continues its upward trend or faces a short-term pullback.

Technical indicators present a mixed but slightly bullish picture. The 9-day exponential moving average (EMA) has begun to curl above the 20-day EMA, reflecting early momentum in favor of the bulls. Meanwhile, the MACD indicator has recently crossed above its signal line, although the strength of the histogram suggests the trend is still in its early stages and remains vulnerable to reversal. Additionally, the Relative Strength Index (RSI) has recovered from neutral territory and is now trending toward bullish territory, without yet reaching overbought conditions. This gives $ADA room to continue rising—provided market sentiment holds.

Key resistance levels to watch include $0.7219, $0.7448, and $0.7468. A confirmed breakout above these thresholds could signal a broader bullish continuation and attract further buying pressure. On the other hand, downside support remains at $0.7014, with lower fallback levels at $0.6814 and $0.6712. These support zones could serve as bounce areas if ADA fails to break through resistance.

The analysis outlines potential strategies for both bullish and bearish scenarios. Long traders are advised to wait for a confirmed close above resistance before entering, targeting the mid-$0.74 range. Conversely, short traders might consider a rejection at resistance as a trigger for targeting lower support zones.

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Read the full analysis: www.ecoinimist.com/2025/05/08/ada-price-about-to-breakout/