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Is Cardano Ready to Soar? 🦅
$ADA
we about to witness a breakout for ADA? Let's dive into the technical analysis and see what lies ahead!
Ascending Triangle Formation
Cardano has been consolidating after a strong rally, but a bullish pattern is emerging: an ascending triangle. If this pattern holds, it could signal a major breakout and a renewed upward trend for ADA.
The $1.15 - $1.20 Hurdle
The $1.15 - $1.20 resistance zone is a critical hurdle for ADA. This area has acted as a strong barrier since December 9th. Breaking through this zone is crucial for the bulls to regain control.
Bullish Scenario
If ADA successfully breaks and holds above the $1.15 - $1.20 resistance, the bulls will be in charge. This could trigger a move towards the 52-week high of $1.327, with potential upside targets extending to $1.38.
Bearish Scenario
On the downside, there's strong ascending support between $0.93 - $0.918. As long as this level holds, the bullish structure remains intact. However, if this support breaks, the next line of defense is the horizontal support at $0.865 - $0.85.
Let's Discuss!
What are your thoughts on Cardano's current situation? Do you think it's ready for a breakout? Share your insights and let's learn together!
#Cardano ADA #CryptoTrading
Disclaimer:
This article is for informational purposes only and should not be considered financial advice. Cryptocurrency trading involves significant risk, and you could lose money.