Published 2 hours ago
ADA Price Prediction: the Cardano coin price rising for eight consecutive days recorded a 15% growth from $0.38 support. Amid this recovery, the coin price breached the $0.428 neckline resistance coming inverted head and shoulder pattern. This pattern formation is a sign of a bullish trend reversal, offering a significant bull rally upon its completion. Here’s how interested traders may grab this entry opportunity to take a long position.
Key Points:
- A bullish breakout from the neckline resistance of a bullish reversal pattern encourages Cardano’s price for a massive bull run.
- A potential retest could tumble the price 5% before the bullish rally resumes
- The intraday trading volume in the ADA coin is $737 Million, indicating an 71% gain
Source- Tradingview
An inverted head and shoulder pattern is often spotted at the market bottom where its price action gives a clear display of trend change from lower highs and lows to higher highs and lows. On April 13th, the ADA price gave a bullish breakout from the $0.42 neckline resistance of this pattern offering buyers a significant stepping stone to lead further price rallies.
As of now, the Cardano coin price trades at $0.44 with an intraday gain of 3.83%. However, in the coming days, the ADA price is more likely to revert lower and retest the breached resistance of $0.42.
Also Read: Top 5 Crypto Loan Platforms In 2023
If the coin price shows suitability above the $0.42 level, the potential buyers can look for an entry opportunity. In ideal bullish conditions, this post-retest rally could drive the Cardano price 40% higher to hit the $0.6 ceiling.
Technical Indicator
RSI: The daily-RSI slope is high into bullish territory indicating the market sentiment supports a bullish rally.
Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator suggests a minor retracement is possible to absorb the rising selling pressure.
Cardano Coin Price Intraday Levels
- Spot price: $0.442
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.48 and $0.52
- Support level- $0.42 and $0.38
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/markets/ada-price-prediction-bullish-pattern-setup-plots-a-40-potential-rally-in-cardano-price/