Cardano (ADA) Sets Out To Crack Falling Wedge Pattern
The post Cardano (ADA) Sets Out To Crack Falling Wedge Pattern appeared on BitcoinEthereumNews.com. ADA price is up nearly 7% on the day ADA Price is attempting to break through major resistance zone RSI sits coiled in a bullish...
- ADA price is up nearly 7% on the day
- ADA Price is attempting to break through major resistance zone
- RSI sits coiled in a bullish manner
Throughout the past few days, ADA price has experienced a decent revival as price has risen nearly 25% of lows. This is a great sign to see for the bulls, but compared to other coins in its class, price is lagging behind a bit. Although, Cardano price has printed enormous gains the last year, leading ahead of many other coins in the top 10. Once ADA clears its major resistance zone, price will be free for a large revival not seen in months.
Even though we have covered this recently in past analysis, the current falling wedge ADA price has followed is an important mark to clear out of. This falling wedge is shown in light blue and it has held price together for over 2 months. At the time of writing, bulls are attempting to hold price above the top trend of this bullish pattern.
If ADA can continue to hold above the major resistance of $1.22 along with the top trend of the falling wedge, we can expect price to follow the given path.
Cardano Price Analysis: ADA/USDT 4 Hour Chart
If bulls manage to clear over the major resistance zone, ADA must then break & hold the 200 MA which has held prices down for over a month. In the case that bears take over in the short term, expect ADA price to fall back into its falling wedge. This would be a short term bearish scenario which would likely land Cardano back to $1.15. If this support fails to hold, we should expect a sweep to minor support of $1.09.
While looking at the RSI, we can see a wedge type pattern has formed. A breakout to ether side of this pattern will likely have price following it. As long as strength continues to stay above the 50 value, higher prices should be seen soon.
The MACD has been in bullish territory for the last couple days. The histogram must stay green along with the MA’s above the 0 value for ADA to stay in a bullish position in the short term.
ADA intraday levels
- Spot rate: $1.21
- Trend: Short term bullish
- Volatility: Medium
- Support: $1.19
- Resistance: $1.22
Disclaimer
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.
Source: https://coingape.com/cardano-sets-out-to-crack-falling-wedge-pattern/
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