The post Cardano rebounds: Can ADA break out toward $0.40? appeared on BitcoinEthereumNews.com.

Cardano saw a 1.8% rise in the past week, trading at $0.3584 after rebounding from support. ADA’s ascending triangle pattern and increasing retail interest signaled a potential bullish breakout. Cardano [ADA] is gradually showing signs of recovery after a recent downturn that pushed its price to as low as $0.33 earlier this month. Over the past week, ADA has increased by 1.8%, with an additional 1.3% uptick in the past 24 hours, bringing its current trading price to $0.3584 at the time of writing.  This rise in value comes at a time when the broader cryptocurrency market has been struggling to regain momentum, and Cardano’s upward movement has sparked renewed interest from investors. ADA on the verge of a rally to $0.40? One key factor driving this renewed optimism around ADA is the technical pattern forming on its daily chart. The asset recently rejected a major support zone within an ascending triangle pattern, a signal that often suggests the potential for a bullish breakout.  If this trend holds, ADA could continue to rise and possibly hit its next significant resistance level of $0.40. For context, an ascending triangle pattern is a popular formation in technical analysis that indicates a potential breakout to the upside.  This pattern is characterized by a series of higher lows, forming the rising trendline, while the upper boundary remains horizontal. When an asset’s price consistently tests resistance but manages to form higher lows, it suggests increasing buying pressure. Once the price breaks above the resistance, a rally follows. In ADA’s case, the ascending triangle pattern has formed as the asset faces consistent rejection between the $0.27 and $0.33 price range, creating a solid support level. After each rejection from this zone, ADA’s price has historically increased, signaling that the asset may now be primed for another…

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Filed under: News - @ October 16, 2024 3:08 am