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$0.48 Breakout Could Encourage ADA Buyers For 14% Jump

$0.48 Breakout Could Encourage ADA Buyers For 14% Jump

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Posted 31 minutes ago

A bullish reversal from the lower support at $0.425-$0.416 triggered a recovery opportunity for Cardano (ADA). Today, the altcoin is up 5.44% and is trying to break out of the $0.48 resistance. Can the buyers push the price above the $0.55 resistance or will the sellers pull the price down?

Key points of the ADA analysis:

  • A breakout of $0.425 resistance opens the door for a 14% bull run.
  • ADA buyers try to retrace the 20 EMA of the daily time frame
  • The intraday trading volume of the ADA coin is $762 million, representing a 46% gain.

TradingView chartSource- Trading view

A recent broad correction in the crypto market is supporting a regular bicycle within a descending triangle. The drop reduced prices by 28% and returned to the lowest support zone at $0.425-$0.416.

On August 29, ADA price recovered from the accumulation zone and moved 12.8% higher, reaching immediate resistance at $0.481. This bull run, supported by increasing volume activity, strengthens buyers’ confidence in the upside.

Also Read: Cardano (ADA) Price Skyrockets, All About Vasil Hard Fork Ready

Thus, a breakout of $0.481 would serve as confirmation of a new bull cycle within the pattern. Furthermore, a possible rally will trigger a 14% price jump to reach the shared resistance of the descending trendline and $0.55.

However, if the prices stay below the $0.48 level, the short consolidation will continue for a few more sessions and fall to the neck support of $0.425.

In any case, the true nature of this pattern is to continue the prevailing downtrend after the breakdown of the neckline support. Thus, the ADA price is poised to breach the $0.425 support and drop the coin to $0.3.

Technical indicator

MACD indicator: A bullish crossover between the MACD and signal lines is encouraging the upside at $0.425 resistance. Additionally, the histogram chart started to paint green bars, reflecting a change in traders’ sentiment.

It is not: The 20-day EMA has acted as dynamic resistance or support throughout the formation of the triangle patterns. Therefore, buyers are calling for a gap of $0.425 back to the 20-day EMA support to reinforce the upside.

  • Resistance levels – $0.5 and $0.542
  • Support levels – $0.45 and $0.4

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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