Cardano ADA price has failed to capitalize on the movement generated by its closest peers, Bitcoin BTC and Ethereum. As a result, very tight and challenging trading volume ranges have been the norm for Cardano, but that may change here soon.

Cardano price targets a breakout above $2.45

Cardano ADA price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 level entry, three things happen simultaneously. First, a double-top is broken, confirming an entry price signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at a price of $2.45 is a breakout above the dominant bear market angle.

The price breakout could be the very beginning of a new bullish expansion phase for ADA's price. The initial price target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 level is the initial range and would be a new all-time high.

However, the ADA price current trading conditions still have a significant bearish weight. Therefore, Cardano's price must remain above the $2.05 level value area. If it fails to hold $2.05 as support, a return to the $1.80 trading volume range is likely.

Bulls should also be aware of some resistance level on any breakout near the prior swing high and high volume node at a price of $2.80. While the momentum of the breakout may make any near-term resistance level moot, $2.80 has been a consistent source of trouble for Cardano ADA, and it would certainly be odd for it not to provide some resistance in the future.

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