Cardano ($ADA) Poised for Major Breakout Amid Bullish Crypto Market Sentiment, Says Popular Analyst - ELEVENEWS
Cardano ($ADA) has approached a technical indicator that could see its price surge significantly in the near future, at a time in which cryptocurrency market sentiment has been improving and prices have...
Cardano ($ADA) has approached a technical indicator that could see its price surge significantly in the near future, at a time in which cryptocurrency market sentiment has been improving and prices have started rising.
According to cryptocurrency analyst Ali Martinez, Cardano is on the verge of confirming a head and shoulders pattern, a charting formation that he says could lead to a 44% breakout, potentially catapulting ADA’s price to $0.60.
#Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.60. pic.twitter.com/5DjZb01avi
— Ali (@ali_charts) April 13, 2023
A head and shoulders pattern, it’s worth noting, is a chart formation that predicts a bullish-to-bearish trend reversal, meaning an inverted one means a bearish-to-bullish reversal.
The pattern is characterized by a baseline with three peaks, where one is larger than the other two, resembling a head and two shoulders. It’s considered one of the most reliable trend reversal patterns.
The head and shoulders pattern could suggest Cardano is prepared for a bullish reversal and a potential substantial price hike. As CryptoGlobe reported, Cardano whales have recently went on a $218 million buying spree, purchasing an aggregate of 560 million ADA tokens.
A head and shoulders pattern, it’s worth noting, is a chart formation that predicts a bullish-to-bearish trend reversal, meaning an inverted one means a bearish-to-bullish reversal.
The pattern is characterized by a baseline with three peaks, where one is larger than the other two, resembling a head and two shoulders. It’s considered one of the most reliable trend reversal patterns.
The head and shoulders pattern could suggest Cardano is prepared for a bullish reversal and a potential substantial price hike. As CryptoGlobe reported, Cardano whales have recently went on a $218 million buying spree, purchasing an aggregate of 560 million ADA tokens.
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