Breakout Alert! ADA Price Tops $0.40, Here's The Next Target!
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...
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.
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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