Cardano is on the verge of a significant breakout, following a period of consolidation above the critical support at $0.1.
A breakout is in the offing, especially now that ADA/USD has broken above a symmetrical triangle pattern.
The smart contract token is trading at $0.105 at the time of writing. Support at $0.1 played a crucial role in the ongoing breakout above the symmetrical triangle pattern on the 4-hour chart. With the upper trendline resistance in the rearview, the least resistance path appears to be the upside.
Meanwhile, the Relative Strength Index adds credibility to the bullish momentum after creating a near oversold reading, followed by a higher low. On the upside, resistance is anticipated at $0.11 and the recently achieved monthly high of $0.114. Once these two hurdles are behind the token, the journey to $0.123 would be relatively smooth.
Cardano is also trading above the 50 Simple Moving Average in the same 4-hour range. Closing the day above this price level would add credence to the bullish outlook. On the downside, support is expected to continue holding the ground at the 200 SMA. Other key levels likely to aid AD/USD in the mission to achieve new monthly highs are $0.102, the 100 SMA and $0.1.
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