CoinGape

Cardano price begins 48% liftoff to new all-time highs

Long
BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
  • Cardano breaks out of a descending triangle pattern, aiming for a 48% upswing to $1.6.
    The MACD has validated the bullish outlook on the 4-hour chart.

Cardano has surged by more than 48% in the last 24 hours. The rally occurred in spite of the lethargic upward price action in the market, coupled with the broad-based declines at the beginning of the week. The potentially massive breakout eyes a new all-time high at $1.6.

The 4-hour chart brings to light the formation of a descending triangle . This pattern usually has a bearish bias in technical analysis . However, there are instances when it leads to a bullish breakout.

A breakout occurs after a consolidation period, but it begins when the price slices through the upper trendline (connecting a series of lower highs). Triangle patterns are known to have exact targets, which makes them easy to trade.

For instance, following Cardano’s breakout, the upward target is set at $1.6 and will be achieved after a 48% upswing. Meanwhile, Cardano faces some resistance at $1.27, which has seen the price make a minor retreat to $1.2. Higher support, preferably at $1.2, is needed to secure the rest of the journey to $1.6.

It is essential to note that the bullish outlook has been validated by the Moving Average Convergence Divergence ( MACD ). The trend momentum indicator has crossed into the positive region, suggesting that the least resistance path is upward. Besides, the MACD line leads the way above the signal line, which is another bullish signal.

On the downside, a correction will come into play if ADA fails to secure support above $1.2. The 100 Simple Moving Average ( SMA ) is in line to anchor the price at $1.14. If losses extend, the 50 SMA currently at $1.1 will prevent the bearish leg from sliding under $1.

Cardano intraday levels

Spot rate: $1.22

Relative change: -0.0228

Percentage change: -1.8%

Trend: Bullish

Volatility: Expanding


Comments

You left out that Coinbase announced they would be offering the coin. That is what caused the surge. You left out that this may be a temporary surge because of that fact. What else did you leave out that is essential?
+2 Reply
Scotterbrain TradeClass
@TradeClass, How about that it didn't surge 48%???
Reply
Shaner74 Scotterbrain
@Scotterbrain, Ha! Good call on pointing out the obvious.
Reply
This guys is dumb. Leaves out the reason for the pump. More pump to come tomorrow then with a pull back. Be carful all.
Reply
Free fall tomorrow
Reply
harpazo dinovalia49
@dinovalia49, I think Cardano is too strong for a free fall but it may "correct" a bit after the Coinbase hype. I took profits at $1.40 and will await the dip. I don't think it'll drop much though. Charles Hoskinson is a great leader and ADA is a strong token. It'll be fine.
Reply
On my app it hit $1.48 from a double bottom bounce off support at $1.
I think we have waited long enough watching other coins double and triple while the hype was going on and ADA was consolidating.
I think i missed out on 20k because You tubers where paid to pump and not explained that it would be sold at 1.4 and bought back on consolidation at $1..
They new this but did not inform us in case we all sold and they would loose there weekly profit taking ways.

Just buy and hold this one after it doubles tripples then swap half to other coins till Sep 21-August.

To be safe just dont sell dont be greedy its a bull market!!

Nice chart easy to read thanks👍🥳
Reply
Going to 2 for sure
Reply
Break out the 1.27 Resistance line!!!
Reply
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