The post Will Cardano rally 100% soon? Yes, if THIS condition is met! appeared on BitcoinEthereumNews.com.

Cardano’s price surged by more than 4% in the last 24 hours.  In case of a breakout, ADA might first reach $0.45.  Cardano [ADA] investors were having a good time as the token gained bullish momentum. In fact, things can get even better in the coming days because of a pattern that emerged on the token’s chart. In case of a breakout, investors might witness a 100% rally.  A bull pattern on Cardano’s chart CoinMarketCap’s data revealed that while several cryptos witnessed price corrections, ADA’s value surged by more than 4% in the last 24 hours. At the time of writing, ADA was trading at $0.3589 with a market capitalization of over $12.9 billion, making it the 11th largest crypto. Despite the price increase, IntoTheBlock’s data pointed out that only 22% of Cardano investors were in profit. AMBCrypto’s analysis of ADA’s daily chart highlighted a bull pattern, which suggested that more investors might earn profits in the coming days. As per our look, a bullish falling wedge pattern formed on ADA’s daily chart in February. Since then, the token’s price has been consolidating inside the pattern. At press time, Cardano was on its way to test the resistance of the pattern. A successful breakout above the pattern would initiate a 100% price rally, meaning that ADA might soon double its price. To be precise, in case of a bullish breakout, ADA might reclaim $0.7.  Source: TradingView Is a breakout possible? AMBCrypto then planned to assess the token’s on-chain data to find out whether metrics hinted at a successful breakout. As per our analysis, ADA’s MVRV ratio went into the positive zone, which can be inferred as a bullish signal. Its Open Interest increased along with its price. Whenever OI rises, it indicates that the chances of the current price trend…

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Filed under: News - @ August 22, 2024 5:24 am