Cardano’s ADA Could Spike 60% Following This Ongoing Descending Channel Breakout: Here Are the Key Prices to Watch
Cardano’s native cryptocurrency ADA is capturing the attention of crypto traders and analysts alike, as it exhibits signs of a potential breakout from a prolonged descending channel pattern. Price action suggests that this development could pave the way for a substantial 60% price increase in the coming days. The prediction has sparked excitement within the Cardano community, with traders closely monitoring the key price levels and indicators.
One metric that can be easily noticed is the significant surge in ADA’s trading volume today, with a 46% increase. This uptick in activity coincides with the price attempting to break out of the descending channel pattern that has confined its movements since the beginning of March.
Read Also: Why Cardano’s ADA is Giving Investors a Headache Despite Market Rebound
A successful breakout from this pattern could trigger a major influx of buyers, propelling ADA’s price from its current level of around $0.47 to a remarkable $0.8 – a move representing a substantial 60% gain. However, this bullish scenario hinges on the price achieving a decisive breakout from the current range and subsequently undergoing a successful retest to confirm the trend reversal.
Key Levels to Watch: Traders should keep a watchful eye on several crucial resistance levels that may emerge during ADA’s potential ascent. The first notable level is $0.52, followed by $0.62, $0.66, and $0.77. These price points could serve as potential roadblocks for the cryptocurrency on its journey towards the anticipated $0.8 target, which was last observed in March.
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Show more +Traders need to also exercise caution and patience for a proper candlestick close to confirm the breakout and subsequent retest. This precautionary measure aims to mitigate the risk of price manipulation and fake-outs, which are common occurrences in the crypto market.
The Cardano community awaits the potential breakout and subsequent price surge. Traders and investors alike are closely monitoring the developments, poised to capitalize on any favorable market conditions that may arise.
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