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Published 2 hours ago
A bullish reversal from the $0.425-$0.416 bottom support triggered a recovery opportunity for Cardano (ADA). today, altcoin It is up 5.44% and is about to break the $0.48 resistance. Can buyers push the price above the $0.55 resistance, or can sellers push the price down?
sauce- trading view
The recent broad correction in the crypto market strengthens the regular bike within the descending triangle pattern. The drop has taken the price off by 28%, returning it to the support zone of $0.425-$0.416.
On August 29, ADA price bounced out of the accumulation zone, rising 12.8% to reach immediate resistance at $0.481. This bull market, aided by rising trading volumes, underscores buyers’ confidence in a bullish breakout.
Also read: Cardano (ADA) Price Soars, All Details About Vasil Hard Fork Readiness
Therefore, the $0.481 breakout will act as confirmation of a new bullish cycle within the pattern.In addition, the potential upside will trigger a 14% price gain, reaching the downtrend line and the $0.55 shared resistance.
However, if the price sustains below the $0.48 level, the short consolidation will continue for a few more times before it plunges to the neckline support at $0.425.
Anyway, the essence of this pattern is to continue the general downtrend after the neckline support collapses. .
MACD indicator: bullish crossover between MACD and signal line Prompting a bullish breakout from the resistance at $0.425. Additionally, the histogram chart started drawing green bars, reflecting the change in trader sentiment.
EMAs: The 20-day EMA acted as dynamic resistance or support through the formation of a triangle pattern. Therefore, a breakout of $0.425 will see buyers recapture his 20-day EMA support and boost further growth.
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
