Cardano Technical Analysis: The crypto market continued upwards with the top digital assets. The new week started with a rise led by Bitcoin and Ethereum. BTC price is reaching $70,000, and ETH is ready to surpass $4,000.
Most major altcoins, including Cardano, witnessed renewed buying interest. At the time of the news, ADA price increased by 3.5%, showing a recovery from the recent correction to break through the overall resistance.
Cardano Technical Analysis:
Over the past six weeks, Cardano's price has traded horizontally, oscillating within two trend lines. The altcoin has rebounded from each trend line twice, showing active resistance and support that gradually narrows the price range.
Cardano's technical analysis suggests that the symmetrical triangle often leads to consolidation to regain momentum for the prevailing trend. ADA is currently trading at $0.47 and is heading towards the upper boundary of the triangle for a bullish breakout.
Bitcoin Utilizes Closed Exchange in the U.S.:
Crypto analytics firm Santiment highlighted that Bitcoin has once again surpassed a market value of $70,000. This milestone coincides with a pause in U.S. stock markets due to Memorial Day.
Santiment noted that this positive movement is particularly encouraging as it demonstrates the crypto market's ability to perform independently of traditional stock markets, a correlation that has been maintained since 2022. This development underscores the evolving resilience and potential of the cryptocurrency market even in the absence of traditional market influences.
ADA Approaches Key Resistance Level:
Cardano's technical analysis suggests that broader market sentiment may continue to rise. ADA is likely to surpass the general trend line to release accumulated bullish momentum. The post-breakout rally could push the asset to $0.624, followed by $0.68.
However, if the supply pressure at the general trend line persists, Cardano's price may extend its current consolidation for the next one or two weeks.