The Cardano price was able to break above a medium-term falling wedge that had formed on its charts over the past couple of weeks. This led to the altcoin overcoming the $0.5380 and the $0.5830 resistance levels. In the last 24 hours, however, ADA has fallen below the $0.5830 mark.
This recent pullback has resulted in the formation of a symmetrical triangle pattern on ADA’s 4-hour chart. Should this pattern be validated, the Cardano price may soon enter into a strong move. If this move is towards the upside, the crypto may attempt to reclaim a position above $0.5830. A 4-hour candle close above this level could then lead to ADA rising to as high as $0.6510 in the following 48 hours.
twitter.com/cryptorecruitr/status/1745419750623051778
Conversely, a negative breakout may lead to the Cardano price falling to the aforementioned $0.5380 support level. Continued sell pressure should ADA retest this level may force the crypto’s value all the way down to $0.4915.
Technicals in Favor of Bulls
The Moving Average Convergence Divergence (MACD) suggested that ADA’s bullish trend may be cooling off and that it could undergo a bearish reversal soon. This was evident by the MACD line closing in on the MACD Signal line.
The Relative Strength Index (RSI), however, showed that bulls still had the majority of the strength on ADA’s 4-hour chart. Not only was the RSI positioned above its Simple Moving Average (SMA), the prior was also breaking away above the latter. This technical flag may be indicative of an uptick in bulls’ strength.
This recent pullback has resulted in the formation of a symmetrical triangle pattern on ADA’s 4-hour chart. Should this pattern be validated, the Cardano price may soon enter into a strong move. If this move is towards the upside, the crypto may attempt to reclaim a position above $0.5830. A 4-hour candle close above this level could then lead to ADA rising to as high as $0.6510 in the following 48 hours.
twitter.com/cryptorecruitr/status/1745419750623051778
Conversely, a negative breakout may lead to the Cardano price falling to the aforementioned $0.5380 support level. Continued sell pressure should ADA retest this level may force the crypto’s value all the way down to $0.4915.
Technicals in Favor of Bulls
The Moving Average Convergence Divergence (MACD) suggested that ADA’s bullish trend may be cooling off and that it could undergo a bearish reversal soon. This was evident by the MACD line closing in on the MACD Signal line.
The Relative Strength Index (RSI), however, showed that bulls still had the majority of the strength on ADA’s 4-hour chart. Not only was the RSI positioned above its Simple Moving Average (SMA), the prior was also breaking away above the latter. This technical flag may be indicative of an uptick in bulls’ strength.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.