Popular Cardano stake pool operator Sssebi has highlighted a major technical milestone on ADA’s weekly chart, noting that the cryptocurrency has finally broken above a long-standing multi-year resistance level.
In a post on X, Sssebi pointed to Cardano’s weekly close above a crucial resistance zone that had capped the price for years. According to his accompanying chart, this key threshold sits around $0.24, which previously acted as a formidable barrier during Cardano’s prolonged downtrend and extended consolidation phase.
ADA ultimately secured a weekly close above this threshold, with the chart showing the token reaching as high as $0.248. This weekly close is particularly significant as it demonstrates that buyers successfully pushed the asset through a price area that had previously rejected multiple attempts at upward movement.
However, Sssebi cautioned against treating the move as a confirmed breakout just yet. He argued that Cardano’s price action in the coming week will be pivotal in determining whether this shift represents a genuine trend continuation or merely a temporary breach of the resistance zone.
The Coming Week: Confirming or Rejecting the Breakout
The analyst specifically warned that Cardano’s move above resistance could still evolve into a fakeout. A fakeout occurs when an asset price breaks through a significant support or resistance level, only to subsequently reverse course and fall back below it.
Consequently, Cardano’s ability to maintain its position above the former resistance zone will prove crucial. If the token holds this breakout area and continues to attract buying pressure, the move could reinforce the bullish setup highlighted by Sssebi.
Conversely, a return below the $0.24 mark would weaken the breakout narrative and raise serious questions about whether Cardano has genuinely escaped its multi-year trading range.
Key Upside Targets: $0.30 and Beyond
Notably, Sssebi’s chart identifies $0.30 as the initial upside target if the breakout holds firm. At Cardano’s current price of $0.2438, reaching $0.30 would represent a solid 23.05% gain for early holders.
The chart then points to $0.40 and beyond as a longer-term objective. From the current price of $0.2438, reaching $0.40 would require a substantial 64.06% advance. These key levels align with other recent Cardano analyses. For instance, a recent The Crypto Basic report highlighted ADA’s potential to reach $0.30, pointing to rising trading volumes and bullish moving averages as supporting factors.
Additionally, prominent market analyst Dan Gambardello has echoed this bullish outlook, arguing that Cardano has the potential to reach $0.40. He has urged market participants not to dismiss the asset’s long-term price potential amidst the current technical developments.
Cardano Holds Above $0.24 Amid Broader Market Weakness
Meanwhile, Cardano has experienced a slight pullback from the $0.248 peak shown on Sssebi’s chart, driven by broader weakness across the cryptocurrency market. However, the asset has managed to remain above the critical $0.24 resistance level at the time of writing.
Cardano currently trades at $0.2438, reflecting a 2.60% decline over the past 24 hours and a 4.22% drop over the past week. Its 24-hour trading volume has also decreased by 28% to $505.36 million, reflecting reduced short-term market activity.
Despite the recent price weakness, Cardano remains the 14th-largest cryptocurrency by market capitalization, with a market value of $8.99 billion.
The coming trading sessions will therefore provide an important test for the breakout: holding above $0.24 would preserve the bullish setup highlighted by Sssebi, while a move back below this key level could undermine the recent progress and signal a potential fakeout.
