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Home Crypto News Analysis Cardano Technical Analysis: ADA IS Forming An Ascending Triangle, A Breakout Could...

Cardano Technical Analysis: ADA IS Forming An Ascending Triangle, A Breakout Could Explode Price To $2.4

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Cardano has maintained an uptrend since the initial decline to $1.01 in May. The first retracement attempt almost hit $2.00, but another correction followed immediately. The cat-and-mouse game continued between bears and bulls, with resistance at $1.8 limiting the upward movement. But the bulls continued to be more assertive, making the higher low pattern on the 4-hour chart.


The upcoming smart contracts have kept investor interest on the rooftop. Notice that the horizontal resistance at $1.80 formed the x-axis of the ascending triangle. Likewise, higher lows have formed a hypotenuse, implying that the bulls are gaining momentum.

ada-usd 4 hour technical analysis

An ascending triangle is a very bullish pattern in technical analysis. Ultimately, the breakout occurs before the trend lines converge. Low volumes characterize the period of consolidation within the triangle. However, the spike in trading volume marks a breakout as bulls take advantage of the expected rise to $ 2.41.

Cardano Important Levels

Current rate: $1.75

Volatility: High

Trend: Bullish

Support: $1.60, $1.30 and $1.30

Resistance: $1.80 and $2.20

Cardano’s uptrend was confirmed by short-term bullish signals from the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI). The former has recently returned to positive territory, while the MACD line maintains a divergence above the signal line.

Subsequently, the RSI nearly reached the overbought area, hinting at an intense bullish takeover. Thus, a break above $1.80 (the x-axis of the triangle) could catapult Cardano towards the $2.40 target.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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