ADA Price Prediction: the Cardano coin price rising for eight consecutive days recorded a 15% growth from $0.38 support. Amid this recovery, the coin price breached the $0.428 neckline resistance coming inverted head and shoulder pattern. This pattern formation is a sign of a bullish trend reversal, offering a significant bull rally upon its completion. Here’s how interested traders may grab this entry opportunity to take a long position.

Key Points: 

A bullish breakout from the neckline resistance of a bullish reversal pattern encourages Cardano’s price for a massive bull run.
A potential retest could tumble the price 5% before the bullish rally resumes
The intraday trading volume in the ADA coin is $737 Million, indicating an 71% gain

Source- Tradingview

An inverted head and shoulder pattern is often spotted at the market bottom where its price action gives a clear display of trend change from lower highs and lows to higher highs and lows. On April 13th, the ADA price gave a bullish breakout from the $0.42 neckline resistance of this pattern offering buyers a significant stepping stone to lead further price rallies.

As of now, the Cardano coin price trades at $0.44 with an intraday gain of 3.83%. However, in the coming days, the ADA price is more likely to revert lower and retest the breached resistance of $0.42. 

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If the coin price shows suitability above the $0.42 level, the potential buyers can look for an entry opportunity. In ideal bullish conditions, this post-retest rally could drive the Cardano price 40% higher to hit the $0.6 ceiling.

Technical Indicator

RSI: The daily-RSI slope is high into bullish territory indicating the market sentiment supports a bullish rally.

Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator suggests a minor retracement is possible to absorb the rising selling pressure. 

Cardano Coin Price Intraday Levels

Spot price: $0.442
Trend: Bullish
Volatility: Low
Resistance level- $0.48 and $0.52
Support level- $0.42 and $0.38

The post ADA Price Prediction: Bullish Pattern Setup Plots a 40% Potential Rally in Cardano Price appeared first on CoinGape.

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Filed under: News - @ April 14, 2023 3:14 pm