Cardano Breaks Out of Consolidation! Will ADA Price Replicate Previous Rally to Smash $3?
The post Cardano Breaks Out of Consolidation! Will ADA Price Replicate Previous Rally to Smash $3? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Cardano price is attempting to test the same $1.5 levels once again where-in it was rejected just before the end of 2021. Aiming at a ‘v-shape’ recovery, the asset is on the verge to test the same levels yet again. However, with the current spike, the possibility of getting rejected is pretty low as the asset has formed a double-top pattern. And therefore, a notable uptrend could be set in place for the ADA price in the upcoming days.
The ADA price after hitting the bottom in the past week flipped well and began ranging towards the north. With a steep recovery, the asset is again testing the crucial levels with less probability of yet another rejection. With the announcement of the Sundaeswap launch on the Cardano platform, the ADA price spiked more than 15%. No doubt currently the market sentiments are going negative, yet the asset is expected to rebound and recover very soon.
- The ADA price is about to form a double top pattern which is believed to be extremely bullish for the asset
- Previously, when the ADA price broke from the ‘w-shaped- pattern, it rallied more than 200% to mark its highs above $3.2
- Interestingly, the pattern is formed yet again around the same levels as before and the momentum also appears to be quite strong. Therefore the breakout could also be pretty massive.
- However, the volume remains depleted compared to the previous cycle which may reduce the intensity but not hamper the uptrend
- No doubt currently, achieving $3 target appears a tedious job yet with the recent push, the ADA price may hit $2 with minimum efforts
Technical Analysis
- Resistance : $1.57 to $1.63 (short-term)
- Support : $1.387 to $1.41(short-term)
- Volatility : High
- Bull-Bear Power: Bullish
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