Trendline breakout set the ADA price for the significant rally; best time to enter?
Published 6 seconds ago
The ADA price trajectory over the last two months has indeed been shaped by a persistent downtrending resistance line. Its consistent rejections at this barrier had become a norm, painting a picture of an asset constrained by sellers. However, the crypto market’s latest recovery phase seems to have breathed life into the ADA price, leading to a breakout from the resistance trendline.
Also Read: Cardano Price Prediction: Will $ADA Reclaim $0.3 Before September End?
Trendline Breakout Sets a 10% Upwing
- A bullish breakout from the resistance trendline sets a significant upswing
- Crypto holders might face aggressive supply pressure of $0.3
- The intraday trading volume in the ADA coin is $87 Million, indicating a 23% loss
Source- Tradingview
The September 19th breakout from the overhead resistance, coupled with a considerable volume spike, has been a noteworthy bullish cue. This suggests a potential departure from its correctional phase and paves the way for potential long positions.
Even though Cardano price experienced a minor setback with today’s 1.25% decline, the swift recovery, underscored by a pronounced rejection candle, embodies a shift in market dynamics. It seems the sentiment has transitioned from “sell the rally” to “buy the dip.”
Should the prevailing bullish momentum persist, the ADA coin has a plausible runway to appreciate by approximately 10.5%, targeting the next significant hurdle at $0.28
Can ADA Price Surpass $0.3?
While the immediate future for the Cardano coin appears bullish, traders should remain cautious as they approach the $0.3 resistance level. This barrier, which has dictated this altcoin’s price movement for over five months, is a significant obstacle. Its long-standing presence suggests strong sell-side pressure and any attempts to breach it might be met with resistance. As prices inch closer to this level, it’s imperative for traders to be vigilant, recognizing that this established resistance might once again halt the coin’s upward momentum.
- Relative Strength Index: The daily RSI slope above 40% reflects suitable momentum for a bullish upswing.
- Super Trend: The red film projected in the daily chart indicates the short-term is currently bearish.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
