Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54?
18 October 2024 - 7:00AM
NEWSBTC
Cardano (ADA) is crucial following days of heightened volatility
and excitement among crypto investors. While other altcoins have
experienced significant pumps, Cardano has yet to see the same
breakout, leaving analysts and traders searching for confirmation
of a bullish trend. Despite the lack of a major move,
optimism remains high for ADA as market watchers await a signal to
ignite the rally. Related Reading: Strong Buy Signal For DogWifHat
(WIF) – Key Indicator Hints At Rally To $4 Top analyst and investor
Carl Runefelt recently shared a technical analysis suggesting that
Cardano could be on the verge of a bullish rally, potentially
pushing ADA to $0.54. This prediction has generated
excitement within the Cardano community, but the next few days will
be critical in determining whether ADA can follow through with a
breakout. As the market remains volatile, traders will
closely monitor Cardano’s price action for signs of a confirmed
uptrend. Cardano Holding Above Key Level Cardano is trading above a
key resistance level at $0.33, sparking optimism among analysts and
investors. This crucial price point could be the springboard that
propels ADA to new highs. Analysts in the crypto community
believe that Cardano is poised for a breakout, and some expect a
rally in the coming days. Prominent investor and analyst Carl
Runefelt recently shared a technical analysis on X, highlighting a
bullish pattern forming on Cardano’s chart. According to Runefelt,
if ADA manages to break this pattern to the upside, the next target
could be as high as $0.54, representing a potential 58% gain from
current levels. This prediction has generated excitement, as
ADA holders are looking for signs of a sustained upward trend after
a period of consolidation. However, not all scenarios point to a
smooth ride for Cardano. If ADA fails to break above this pattern,
further consolidation or a potential correction could be on the
horizon. Related Reading: Solana Targets $160 Resistance As TVL
Hits New Yearly Highs The $0.33 level is now a key marker for
traders and investors to watch closely in the coming days, as it
could signal the beginning of a major price move—or the
continuation of a more uncertain path for Cardano. ADA Technical
Analysis Cardano’s (ADA) price action has been underwhelming
compared to other altcoins. Currently trading at $0.34, ADA has
seen a 7% decline from its recent high of $0.37 set on Tuesday.
Despite some volatility, the price remains below the critical
200-day exponential moving average (EMA) at $0.40, following a
failed breakout attempt in late September. For the bulls to regain
control, ADA must reclaim the $0.40 level and push toward setting a
new local high above $0.41. A breakout above these levels would
signal a potential momentum shift and spark renewed optimism among
investors. Related Reading: On-Chain Metrics Reveal Bitcoin Demand
Is Growing – Can BTC Break ATHs In Q4? However, exceeding the $0.34
mark could lead to further downside pressure. If this level is
lost, a correction to lower demand areas around $0.30 is expected.
Traders are watching closely, as this level could determine whether
Cardano will continue to underperform or regain its footing in the
market. Featured image from Dall-E, chart from TradingView
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