Breakout Alert! ADA Price Tops $0.40, Here’s The Next Target!
The post Breakout Alert! ADA Price Tops $0.40, Here’s The Next Target! appeared first on Coinpedia Fintech News
Maintaining a bullish phase for more than a month, the ADA price prolongs the uptrend with a new breakout rally. The increased buying activity amongst altcoins drives the Cardano market value closer to $0.40 and teases a bull run to $0.450.
Following the 6.72% jump on Wednesday, the 8th biggest crypto per market cap, Cardano, gains better traction. Due to such breakout events, the Cardano price predictions tease a price jump to $0.50 in 2023.
Source – Tradingview
Following the reversal from $0.24, the ADA price trend gives a triangle breakout and continues to surpass multiple resistances. The bull run within the past 40 days brings the year-to-date growth rate to 61% and teases further growth for the rest of 2023.
Over the past couple of weeks, Cardano has formed a consolidation range between $0.35 and $0.385. This highly volatile range formation finally put the ADA price trend on a bullish highway as buyers overcome the overhead supply.
With a double bottom reversal fueled by market recovery, the uptrend in Cardano challenges the $0.40 mark. Currently, the ADA price trades at $0.393 with an intraday gain of 1.55%, as the trend sustains above $0.385. This reflects the price trend sustaining bullish momentum and increases the possibility of an uptrend.
Technical indicators:
MACD indicator: The short-term consolidation fueled a bearish crossover in the MACD and signal lines. However, the recent breakout in Cardano increases the chances of the average line regaining the positive alignment.
EMA: The golden crossover in the daily chart gains a bullish gap that increases the likelihood of an uptrend continuation.
Will ADA Price Reach $0.45?
As the uptrend gains momentum with a bullish breakout, the ADA price is ready to surpass the $0.45 mark. However, the $0.41 breakout will be a more credible signal of the bull run reaching the $0.45 mark.
Conversely, a sharp reversal in Cardano from $0.41 can retest the $0.385 breakout.
Filed under: Bitcoin - @ November 24, 2023 6:24 am