Cardano (ADA) has broken its weekly descending trendline, gaining 22%. The cryptocurrency is now targeting resistance levels at $1.13, $1.31, and $1.54, while $0.80 serves as the invalidation point for this breakout.
Cardano has posted a 22% gain this week, breaking its weekly trendline.
The nearest resistance is at $1.01, with short-term targets at $1.13, $1.31, and $1.54.
A drop below $0.80 will nullify the breakout, with $0.866 as crucial support.
Cardano news: ADA has gained 22% this week, breaking its trendline. Learn more about its price targets and support levels.
What is Cardano (ADA) and Its Recent Performance?
Cardano (ADA) is a blockchain platform known for its scalability and sustainability. Recently, it has gained 22.31% this week, breaking above its descending trendline, which indicates a potential shift in market momentum.
How Does Cardano’s Price Action Reflect Market Sentiment?
The recent price action of Cardano shows a decisive move above the descending trendline that had constrained its price for months. Starting the week near $0.76596, ADA has surged to its current zone between the $0.866 support and the $1.01 resistance, signaling strong buying pressure.
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The breakout signifies a potential shift in market sentiment, suggesting that buyers are gaining control, which could lead to further price increases.
Cardano is currently trading at 0.057999 BTC, reflecting a 9.9% increase, indicating its strength against Bitcoin during this period.
In summary, Cardano (ADA) has shown a significant upward movement, breaking its descending trendline and targeting higher resistance levels. With key support at $0.866, the market is optimistic about ADA’s potential to reach $1.13, $1.31, and $1.54 in the near term.
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Source: https://en.coinotag.com/cardano-ada-breaks-trendline-with-22-gain-eyes-targets-of-1-13-and-beyond/