Cardano Price Eyes $0.73: Can Bulls Push ADA Past Key Resistance?

Cardano (ADA) price finally blasted past key support and resistance levels. This move suggested that it may be heading for a breakout above $0.73.

The short-term implications of the technical charts show that ADA could rebound and continue its upward movement after experiencing a brief retracement.

Analyst Tardigrade stated that ADA could drop back to $0.6422 before moving up to the $0.73 level. This formation is in sync with historical consolidation zones and has short-term trading targets.

However, as analyst Jesse Olson pointed out, ADA price has been facing resistance levels for the long-term, thereby raising doubts about a further rally.

Cardano Price Targets Key Resistance at $0.73

The analyst identified a bullish continuation pattern for ADA price, citing $0.73 as the next key resistance target. The analysis revealed that ADA price had formed higher lows and was approaching a former consolidation zone, now acting as resistance.

The chart showed a steady climb from previous retracement levels. This indicated renewed momentum and potential breakout conditions.

Source: Trader Tardigrade, X

Notably, Tardigrade’s chart illustrated ADA’s recent recovery phase, characterized by a clean structure of higher lows. This trend pointed to increasing buyer interest as the asset approached the upper resistance band.

A clean break above $0.73 could signal the start of a more sustained upward move, assuming sufficient volume supports the price rise.

ADA’s current position just below the resistance level suggested that investors are awaiting confirmation before entering aggressively. If momentum holds, a successful breakout could follow, validating the bullish scenario and drawing additional interest from technical traders.

Swing Low at $0.6422 Offers Entry Opportunity

The proposed entry point at $0.6422 reflected the last significant swing low on ADA’s 4-hour chart. This level previously served as a key reaction zone during ADA’s upward retracement, making it a logical support area.

Tardigrade’s analysis centered on entering this pullback zone to minimize risk while targeting the $0.73 resistance.

More so, traders found a favorable setup at the level due to its closeness to previous demand zones.

If ADA price revisit $0.6422 and hold, it would strengthen the case for a renewed rally. A tighter stop-loss at this level would allow for a well-managed trade with a strong risk-to-reward ratio.

The ongoing formation of higher lows and repeated bounces from similar zones added weight to the bullish structure. While the pullback might create short-term pressure, it could also offer the final opportunity for accumulation before a breakout attempt.

Cardano Price Momentum and Structure Support Breakout

ADA’s recent price action reflected a bullish market structure, with both higher highs and higher lows emerging since the March bottom. Momentum indicators have gradually improved, and market participants have shown increased interest at support zones in the mid-$ 0.60 range.

While volume remained modest, it showed early signs of building. A clear move above $0.73, confirmed by rising volume, would validate the breakout narrative.

The $0.73 resistance is significant as it aligns with a historical rejection zone. Breaking this level could open the door to further upside, assuming the rally attracts broader participation.

Although short-term trends showed gains, traders continued to exercise caution. The top memecoin price has previously declined to find a stronghold above local resistance levels, causing some to wait for further structuring and volume support to climax the bullish sentiment.

Long-Term Range Remains a Challenge Despite Setup

While short-term setup of ADA price did show some success, its long-term impact remained questionable. Jesse Olson, an analyst, pointed out that ADA price had been fluctuating within a wider range of $ 0.55 and $ 0.60 for over 1500 days.

Source: Jesse Olson, X

Moreover, Olson also discussed that Cardano price has not recovered certain levels like $1 even though it was used in the real world and its protocols’ upgrades.

Several rallies have been followed by pullbacks putting much doubt in ADA price likelihood to sustain these breakouts. This reluctance suggested that to change the long-term sentiment in direction, there must be clear and constant price action above this $0.73 level.