Logo
Cardano Ecosystem

NewsBTC

today at 1:00 AM

·

0 views


Cardano Pushes Past $0.85: Falling Wedge Breakout Confirmed?

Cardano has just seen a surge beyond the $0.85 mark, potentially confirming a bullish breakout forming in the asset’s 4-hour price chart. Cardano Is Breaking Out Of A Falling Wedge Pattern In a new post on X,...

Cardano Pushes Past $0.85: Falling Wedge Breakout Confirmed?

Cardano has just seen a surge beyond the $0.85 mark, potentially confirming a bullish breakout forming in the asset’s 4-hour price chart.

Cardano Is Breaking Out Of A Falling Wedge Pattern

In a new post on X, analyst Ali Martinez has talked about a technical analysis (TA) pattern forming in the 4-hour price of Cardano. The pattern in question is a “Falling Wedge,” which belongs to the broader class of Wedges.

Wedges form whenever an asset travels between two converging trendlines. When the lines are sloped upward, the formation is known as a Rising Wedge. Similarly, price action to the downside creates a Falling Wedge.

Wedges sound similar to Triangles, which also involve converging trendlines, but the key difference between the two is that Triangles are consolidation patterns, while Wedges involve some net movement up or down. Just like with Triangles, though, the trendlines of the channel act as support/resistance barriers for the price. Also, a breakout of either of these bounds can imply a continuation of the trend in that direction.

Generally, Wedges are considered more likely to lead to reversals. A Falling Wedge may see the price eventually break past the upper line, while a Rising Wedge could end with a breakdown of support. Cardano has recently been moving inside a channel similar to a Falling Wedge. Below is the chart shared by Martinez, showcasing the formation.

Cardano Falling Wedge
The 4-hour price of the coin seems to be breaking out of the pattern | Source: @ali_charts on X

At the time the analyst posted the graph, Cardano was beginning to show signs of a surge beyond the resistance line of this Falling Wedge. The breakout attempt came as the asset was closing in on the convergence point of the trendlines.

Near the apex of such patterns, price action occurs inside a tight range, so breakouts can become more likely. This could be what was developing for ADA at the time.

Martinez noted in the post that the cryptocurrency must break past $0.84 to confirm the bullish breakout. Since then, ADA has surged further, reaching the $0.85 level. Thus, it’s possible that a sustainable break could really be kicking off for the coin, at least if the Falling Wedge is anything to go by.

While Cardano is witnessing this Falling Wedge, fellow altcoin Solana has been traveling inside a Rising Wedge instead, as pointed out by the analyst in an earlier X post.

Solana Rising Wedge
The Rising Wedge that SOL’s 4-hour price has been moving inside for the last few months | Source: @ali_charts on X

As displayed in the chart, Solana has been trading inside this Rising Wedge for a few months now and is slowly inching toward the end of it. If the pattern is going to be a reversal one, then a bearish breakout may be coming for SOL.

ADA Price

At the time of writing, Cardano is floating around $0.851, up almost 4% over the last seven days.

Cardano Price Chart
The trend in the ADA price over the last five days | Source: ADAUSDT on TradingView

Featured image from Dall-E, charts from TradingView.com

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on NewsBTC

ORIGINAL SOURCE

https://www.newsbtc.com/news/cardano/car...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from NewsBTC

See more
Cardano Sentiment Crashes To 5-Month Low As ADA Defends Key Price Level
NewsBTC
Cardano Sentiment Crashes To 5-Month Low As ADA Defends Key Price Level

last Thursday at 1:30 PM

·

24 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)