Assessing Cardano’s breakout possibility – Big moves ahead for ADA’s price?
The post Assessing Cardano’s breakout possibility – Big moves ahead for ADA’s price? appeared on BitcoinEthereumNews.com.
Cardano (ADA) is nearing a bullish breakout, eyeing a potential surge to $0.67 Despite new user slowdown, Cardano’s loyal community is keeping transaction volumes steady Cardano (ADA) has registered a slight upward trend over the past week. In fact, at press time, ADA was trading at $0.3406, following a 2.22% hike over the last 24 hours. Despite some volatility, however, the price has shown signs of consolidation around the $0.34 level – Suggesting a period of stability. This stability may be a precursor to further price movements as market participants watch for potential shifts in sentiment. The prevailing market conditions reflect ADA’s ability to maintain a stable trading range, despite the broader crypto market’s volatility. This is something that resulted in ADA’s market cap hitting $12.13 billion, supported by a 24-hour trading volume of $215.3 million. A potential bullish breakout A technical analysis of Cardano revealed a potential bullish breakout from its ongoing downtrend. ADA has been trading within a descending channel, but there are indications that it may soon break above this pattern too. If ADA can breach the $0.45 resistance level, it could pave the way for a rally towards $0.67. This scenario would represent a significant price hike from its press time levels. Source: TradingView Traders are closely monitoring the $0.45 resistance level as a key indicator of any potential upward movement. A successful breach of this level could confirm the beginning of a bullish trend, leading to greater investor confidence and market participation. Moreover, the Bollinger Bands pointed to a potential reversal for ADA as it neared the lower band, indicating oversold conditions. If ADA stays above $0.34 with rising volume, a recovery towards $0.36 could follow soon. Source: TradingView Here, it’s worth noting that despite the challenges in attracting new users, Cardano has maintained a…
Filed under: News - @ August 15, 2024 7:27 am