Cardano's Triangle Breakout: Will ADA Reach $0.17 Before CLARITY Act Deadline?

Cardano's price is currently trading at $0.1642, up 1.42% from yesterday, as it sits at the apex of a triangle formed by the descending trendline from May's peak and the ascending trendline from June's low near $0.1386.

The daily chart shows that Cardano needs to break above the upper trendline, which is aligned with the 20-day EMA at $0.1650, for a bullish resolution of the triangle.

LuckSide Crypto noted that ADA may be building a handle on a potential cup and handle structure, targeting a move toward $0.17 if the upper trendline breaks.

However, the market is also facing significant risks, including the Iran escalation and the upcoming FOMC meeting, which could lead to a rate hike in September.

The CLARITY Act, which aims to provide regulatory clarity for crypto assets, has gained momentum with up to 10 Democrats potentially voting in favor of it. The SEC has also announced that it is prepared to establish regulations independently if Congress fails to pass the bill.