ADA Price Analysis: Cardano (ADA) Inches Its Way Towards a Bullish Breakout
- ADA price is up nearly 5% on the day
- ADA Price has been rejecting off major resistance zone
- ADA comes inches away from breaking falling wedge
Cardano Price Today
Cardano (ADA) has held up very well throughout the bloody markets the last few months. Bulls have defended major support found at $1.00 very well as it seems it is now a floor. With the market starting to turn around, so is ADA. Much anticipation of a full functioning platform has investors keeping their bets on Cardano becoming a better Ethereum.
While looking at the green falling wedge pattern, we can see a large breakout is soon to come. This pattern is 80% of the time a bullish one and has a minimum target of around $1.50. Cardano must fully clear the top trend of the wedge along with the major resistance found at $1.20 to be in position to start a strong uptrend.
IF the breakout is deemed successful, ADA will have to battle out next resistance at $1.27 along with the 200MA that has held price down for over a month.
Cardano Price Analysis: ADA/USDT 4 Hour Chart
Shown in light gray, ADA has just attempted to breakout of a 2 week long descending channel. If price fails to hold above this, it may be in for a ride back down to lower support levels. Price will find support at $1.09 & $1.03. The support found at $1.03 will be a strong floor as the bottom trend of the falling wedge also sits near that area. A break below this mark will trigger a large sell off, but seems unlikely as of now.
While looking at the RSI, we can see strength has just broken over a near 3 week downtrend line. This is the first step to revival as it confirms ADA is now in a short term uptrend. As long as RSI can stay over the 50 value, ADA remains bullish. The Stochastic RSI has been hanging out above the overbought line. This shows strength is maxed out and ADA has to make another upwards move soon or a short term pullback will be underway.
ADA intraday levels
- Spot rate: $1.19
- Trend: Bearish
- Volatility: Medium
- Support: $1.14
- Resistance: $1.20
- Experts Say Bitcoin CME Gap Brings Short Term Uncertainty Before Uptober Rally Begins
- MrBeast Expands Holdings in ASTER Token as Revenue Outpaces Hyperliquid by 10x
- Why Is Canary Litecoin ETF Approval by US SEC This Week Crucial for Crypto Market?
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
