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The Cardano(ADA) price starts the week on a higher note, displaying a 12% intraday gain. The long bullish candle offers a bullish breakout from the two-weeks old descending triangle pattern. Thus, a daily candlestick closing above the downsloping resistance may trigger a short-term bullish pullback.
Key points:
- The ADA price has gained 20% in the past three days
- Triangle breakout may surge ADA price to $0.75
- The intraday trading volume in the ADA coin is $719.6 Billion, indicating a 69.5% gain.
Source- Tradingview
After the $1 fallout on April 11, the ADA downtrend obtained a sudden boost and dropped it to a low of $0.406. The eight straight red candles on the weekly time frame chart reflect a constant fall for nearly two months, registering a 59.8% loss
However, along with the largest cryptocurrency, Bitcoin, the ADA price has witnessed uncertainty during the past two weeks. The coin price hovering above the $0.45 support showcased the formation of a descending triangle pattern.
Though this bearish pattern bolsters the continuation of the prevailing downtrend, under rare conditions with rising bullish momentum, the coin price triggers a bullish breakout. Thus, following the path of last weekend’s bullish reversal, the ADA price surged 12% today.
The price jump breached the pattern’s resistance trendline, offering a better confirmation of bullish recovery. Therefore, the expected rally is likely to provide two targets, i.e., $0.6 and $0.75.
Technical Indicator
The Bollinger band indicator’s narrow range accentuated the indecision among the market participants. However, amid the triangle breakout, the coin price also jumps above the indicator midline, indicating a positive flip in the trader’s sentiment.
A bullish crossover from the vortex indicator encourages additional buying in the market. In addition, the enlarging gap between the VI+ and VI- slope reflects growth in buying momentum.
- Resistance levels- $0.6, and $0.75
- Support levels- $0.45 and $0.4
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