Cardano May be at the Foothill of a Breakout, This is When ADA Price May Hit $3!
The post Cardano May be at the Foothill of a Breakout, This is When ADA Price May Hit $3! appeared on BitcoinEthereumNews.com. Cardano‘s price after attempting a couple of times breached through the bearish consolidation and is ranging high...
Cardano‘s price after attempting a couple of times breached through the bearish consolidation and is ranging high to test the immediate resistance around $1.2. While the possibility of rejection still stands strong here, the buyers may hold the price above $1.12 levels firmly. And hence after a constant daily close for a consecutive 2 to 3 days, one can expect a strong uptrend during the weekend and throughout the upcoming week.
The ADA price broke out from the falling wedge, above the $1 resistance trendline and made a higher high, pointing towards a trend reversal. The asset could further range high to visit the $1.5 resistance levels as the MACD turned bullish due to the crossover & RSI above 50. The on-balance volume(OBV) is rising constantly indicating a rise in demand than the supply. And hence a spike towards $1.5 appears pre-determined.
On the other hand, the ADA price rally displays a possibility of a massive breakout for ADA price replicating the ETH price rally 2017.
The ETH price then consolidated within a descending trend, similar to that of the current ADA consolidation. Further, the ETH price formed a notable bull-flag and with a breakout, the price quickly jumped high gaining more than 5000%. The ETH price range from as low as $8 to as high as above $440 to close the 2017 yearly trade. Now when the Cardano price is also manifesting a similar trend, where-in with a consolidation, a significant bull flag may be formed shortly.
Further with a breakout from these levels, the ADA price could range high to achieve the desired target much above the current ATH. It may further maintain a reasonable uptrend to head towards its target of around $5 somewhere in the second half of the year 2022.
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Source: https://coinpedia.org/price-analysis/cardano-may-be-at-the-foothill-of-a-breakout-this-is-when-ada-price-may-hit-3/
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