NewsletterADA Price Prediction: Bullish Pattern Setup Plots a 40% Potential Rally in Cardano Price
ADA Price Prediction: the Cardano coin price rising for eight consecutive days recorded a 15% growth from $0.38 support. Amid this recovery, the coin price breached the $0.428 neckline resistance coming inverted head and shoulder pattern. This pattern formation is a sign of a bullish trend reversal, offering a significant bull rally upon its completion. Here’s how interested traders may grab this entry opportunity to take a long position.
Key Points:
- A bullish breakout from the neckline resistance of a bullish reversal pattern encourages Cardano’s price for a massive bull run.
- A potential retest could tumble the price 5% before the bullish rally resumes
- The intraday trading volume in the ADA coin is $737 Million, indicating an 71% gain
Source- Tradingview
An inverted head and shoulder pattern is often spotted at the market bottom where its price action gives a clear display of trend change from lower highs and lows to higher highs and lows. On April 13th, the ADA price gave a bullish breakout from the $0.42 neckline resistance of this pattern offering buyers a significant stepping stone to lead further price rallies.
As of now, the Cardano coin price trades at $0.44 with an intraday gain of 3.83%. However, in the coming days, the ADA price is more likely to revert lower and retest the breached resistance of $0.42.
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If the coin price shows suitability above the $0.42 level, the potential buyers can look for an entry opportunity. In ideal bullish conditions, this post-retest rally could drive the Cardano price 40% higher to hit the $0.6 ceiling.
Technical Indicator
RSI: The daily-RSI slope is high into bullish territory indicating the market sentiment supports a bullish rally.
Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator suggests a minor retracement is possible to absorb the rising selling pressure.
Cardano Coin Price Intraday Levels
- Spot price: $0.442
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.48 and $0.52
- Support level- $0.42 and $0.38
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