Cardano (ADA) technical analysis:
Trade setup: Bullish breakout from Ascending Triangle pattern, above $0.40 resistance, could signal continuation of uptrend, with near-term upside to $0.46. Previously, price broke above 200-day moving average ($0.30), which confirmed a bullish trend reversal to an Uptrend.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.30 (previous resistance), then $0.25. The nearest Resistance Zone is $0.040 – $0.42, then $0.46.
Trade setup: Bullish breakout from Ascending Triangle pattern, above $0.40 resistance, could signal continuation of uptrend, with near-term upside to $0.46. Previously, price broke above 200-day moving average ($0.30), which confirmed a bullish trend reversal to an Uptrend.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.30 (previous resistance), then $0.25. The nearest Resistance Zone is $0.040 – $0.42, then $0.46.