Cardano Price held steady above $0.46 on Tuesday, following an 8% rally in the last 240 hours, spurred by the broader market recovery. The current upward trend was driven by the fact that ADA has broken a major downward trend, and it has surged nearly 10% within the last 7 days.
Technical analysis indicates that with the momentum, Cardano may gain 30-40% in the near future. Bitcoin, Ethereum, XRP, and Solana are soaring before the decision of the Federal Reserve to cut the rates today.
This action was also reinforced by the NIGHT token of Midnight being listed on Binance Alpha, which was announced on December 9. The airdrops of the eligible users were also listed.
The fact that ADA broke out of one of the major downward trendlines that had been holding back its price since the beginning of October is an indication that it is reversing.
Cardano Trendline Breakout Sparks 30-40% Bullish Prediction
Crypto analyst Charts has recently spotted a significant trendline breakout in Cardano on its four-hour chart. The breakout represents a possibility of the price explosion, and it is anticipated that the bullish movement will be 30-40% in the near future.
As the analysis reveals, ADA has been decreasing in price but is currently breaking a vital level of resistance.
As of this breakout, market participants are becoming more confident in the token in the near future. When the bull wave maintains itself, ADA stands a chance of propelling significantly, providing a new impulse to the crypto market in general.
Cardano Funding Rate Flip Signals Bullish Momentum
The Cardano funding rate has been shown to turn negative to positive, which means that long positions are now paying shorts. According to historical trends, these flips tend to cause huge price rallies.
According to Coinglass OI-Weighted Funding Rate data, there are fewer traders anticipating a fall in price, whereas more are now anticipating an increase in the value of ADA. This movement points to a possible bullish trend of Cardano.
ADA Price Eyes $0.50 with Strong Bullish Signals
The ADA price climbed to $0.4701 with a gain of 8% in the latest trading session. ADA has experienced a slow rise in volume over the last few days, which points to the opportunities of further upward movement.
The 4-hour chart reveals that ADA has overcome a very significant resistance of $0.47, which is a good sign of additional profits.
The next price target lies at $0.50, where ADA is likely to face its next major hurdle. If the Future Cardano outlook successfully surpasses this resistance, the next target would be $0.55, where further selling pressure could emerge.
The MACD indicator shows positive momentum, whereby the MACD line is above the signal line, which indicates a buy signal. The Chaikin Money Flow (CMF) also indicates an optimistic picture. The current position is 0.13, which means that the accumulation of ADA is rising.
Source: https://coingape.com/markets/cardano-price-outlook-expecting-a-30-40-bullish-wave-soon/