Cardano‘s price during the past week was expected to break out from the bullish flag and hit the nearest resistance around $1.5. Further, the asset displayed a diverse trend and plunged hard close to $1, the lower support. However, the weekend appeared to be pretty bullish as a huge impulse wave uplifted BTC’s price close to $47K. And hence amidst the green wave, ADA price also prepares for a massive breakout.
The ADA price recently flipped hard after hitting $1 levels again and ignited a notable uptrend forming higher highs and lows. The price was expected to hover above $1.2 after the trend reversal. However, the asset faced a minor rejection an inch before achieving $1.2 levels. Yet the price still appears to be poised to inculcate a strong bullish trend and quickly range high to hit $1.8 slicing through $1.5 levels soon.
- The ADA price recently went parabolic to regain the levels around $1.17 and is currently on the verge to undergo a slight pullback
- Thus forming a ‘Cup n Handle’ pattern, the price could retest the lower support at $1 again before igniting a firm uptrend towards the high demand area
- On reaching levels above $1.6, bulls are expected to enter who may further elevate the price close to the $1.8 resistance zone
- No doubt the bears may also enter the ring and hence a slow yet steady rally is expected in the near future eliminating the possibilities of a huge spike
- On the other hand, RSI and MACD are extremely bullish at the moment but appear to flash out a bearish signal soon. Therefore a minor pullback towards the immediate support at $1.01 may be pretty high.
Source: https://coinpedia.org/price-analysis/cardano-ada-price-primed-to-reach-1-8-soon/