An upside trendline breakout set ADA price to surge past the $0.28 mark, buy now?
Published 2 hours ago
Over the past two months, the Cardano price trajectory has undoubtedly been overshadowed by a pronounced correction phase. The persistent bearish momentum was underpinned by a descending resistance trendline. On multiple occasions during this phase, the ADA price experienced rejection at this overhead resistance, signifying persistent sell-side pressure. However, the present bullish winds sweeping across the crypto market landscape seem to have breathed life into buyers’ prospects. The bullish fervor has prompted these altcoin buyers to challenge, and potentially surpass, this overhead resistance, hinting at the genesis of a new upward rally.
Also Read: XRP, Solana, Cardano (ADA) Records Inflows From Institutional Investors
Is ADA Price Poised to $0.3?
- A bullish breakout from overhead resistance will start a fresh rally in the ADA
- A possible rejection from the upper trendline will extend the sideways trend
- The intraday trading volume in the Cardano coin is $129 Million, indicating a 68% gain
Mirroring the performance of the leading cryptocurrency Bitcoin, which today clocked a 3% appreciation, the altcoin domain is also basking in bullish enthusiasm. Thus, the ADA price notched a 3.2% intraday spike, emphatically piercing through its overhead resistance trendline.
This upside breach of significant monthly resistance is likely to provide the ADA price bullish faction with a sturdy launchpad for further ascendancy.
Should today’s trading activity culminate with the daily candlestick closing firmly above this recently surmounted resistance, altcoin’s upward momentum could propel it further by approximately 10%, targeting the $0.28 price zone, followed by a potential assault at the $0.31 mark.
ADA vs BTC vs ETH Performance
Source: Coingape| Cardano vs Bitcoin Vs ETH Price
A look at the last six months’ price behavior of Cardano, Bitcoin price, and Ethereum price shows the ADA price has witnessed a relatively aggressive downfall, indicating that the sellers are dominating this asset. In stark contrast, both BTC and ETH have demonstrated relatively stable price behaviors, predominantly adhering to a short-term lateral movement.
- Relative Strength Index: The daily RSI slope above 40% reflects increasing buying momentum.
- Bollinger Band: The squeezed range of Bollinger Band reflects market uncertainty.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.