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Cardano [ADA] Potential breakout structureHi everyone, Cardano is currently in a consolidation phase and is forming an important formation with higher lows. When ADA manages to stay within its structural formation and is able to move above the upper-boundary of the bullish ascending triangle then there is a great potential we can complete a bullish breakout. As usual a combination of good volume and right price action is required to confirm this. Traget point is mapped on the chart. It is important we manage to stay above the lower grey trendline for this potential breakout structure 🌜 If you enjoy this idea, please like and leave a comment 🌜 This is not financial advice
by M00N_BEAMS
12
Cardano - Fresh eyes on the ADA fractalWith the price action forming a high just above $1.50 then correcting to a low at $1.03, I am better able to position the Fibonacci time period to more accurately reflect the coherence of this fractal to the consolidation period between January 18 and February 1. Doing so demonstrates that we can expect a strong rally to 1% or so above the previous high of 1.546 USDT, followed by a correction of similar magnitude and a brief few days of consolidation before the consolidation fractal gives way to a period of rapid rise. I notice also the similarities in the MACD with the prior period, lending even greater confidence to the projected rally. What do you think? Do we get a 35% rally to $1.50 before price appreciation really gets underway, or is it all a bust?
BINANCE:ADAUSDLong
by Crypto-Swing
3
ADA is on the verge of a 24% upswing Cardano price prints a bullish technical pattern on the 4-hour chart, hinting at an incoming breakout. The falling wedge pattern may elevate ADA to $1.35, jumpstarting the recovery to a record high of around $1.48. Cardano is among the few cryptocurrencies trading double-digit gains among the top 50. The market is dotted in green; however, price action remains lethargic. ADA is up 14% over the last 24 hours to trade at $1.11. For now, the least resistance path seems downwards but Cardano is trading within the confines of a bullish technical pattern, suggesting that an upswing is likely in the near-term. The aspiring smart contract token trades at the apex of a falling wedge pattern, suggesting that a reversal is in the offing. The bullish outlook forms when an asset's price drops with pivot highs and lows while converging at a single point referred to as the apex. A breakout is usually anticipated before the trend lines converge. The common breakout is mostly confirmed by a consolidation period, followed by a spike above the upper trend line and reinforced an increasing trading volume. As for Cardano, the 24% breakout is expected to come into the picture as soon the price steps above the wedge pattern and the hurdle presented by the 200 Simple Moving Average (SMA) and the 100 SMA on the 4-hour chart. It will be a real breakout if the 50 SMA's seller congestion area is pushed into the rearview. The expected upswing may fail to come into the picture if the Moving Average Convergence Divergence (MACD) continues to slope downwards. Currently, the MACD line (blue) is holding under the signal line, confirming the bears are still in control. Cardano intraday levels Spot rate: $1.1 Relative change: -0.006 Percentage change: -0.4% Trend: Short-term bearish bias Volatility: Low
BITTREX:ADAUSDLong
by CoinGape
5