As the markets are taking a bullish path of recovery, the top blue chip altcoins are ready to give decisive breakout events. Similarly, the ADA price trend showcases a remarkable recovery rally sustaining momentum from last Friday, ready for a new decisive trend.
As Cardano prepares to start a breakout run, the altcoin is expected to bounce almost 25% in the coming week. Supporting the trend reversal, the long-term view on the ADA price is bullish.
With the increasing bullish expectations, will Cardano reach the $10 mark? Find out NOW, in our Cardano price prediction.
ADA Price Teases Bullish Break To Reach $0.65
Source – Tradingview
In the daily chart, the ADA price shows a decline over the past weeks from the $0.68 mark, leading to a falling wedge pattern. However, with the recent recovery in the market after days of downfall, the buyers are preparing a breakout event.
As the ADA price bounces from the confluence of the 50% Fibonacci level and the support trendline, the uptrend challenges the boundary line. Further, the rising volumes and the improving sentiments are crucial catalysts increasing the breakout possibility.
Forming multiple bullish candles, the recovery streak reclaims the 50-day EMA and the psychological mark of $0.50. Currently, Cardano trades at $0.527 and forms an indecisive candle close to the resistance trendline.
If the ADA price sustains the momentum, then the upside break can result in a price jump to the $0.668 peak, a 25% hike. On the flip side, a reversal might retest the 50% Fibonacci level.
Technical indicators:
MACD indicator: The bullish crossover in the MACD and signal lines indicates a reversal in the underlying momentum. This increases the possibility of a bullish break to unleash the trapped momentum.
Credit: Source link