Cryptocurrency expert Captain Faibik has seen a bullish pattern in Cardano price action. The technical analyst suggests that Cardano could be ready to spike 80%.
His analysis shows a falling wedge pattern on Cardano’s daily chart, which has been in place for some weeks. The pattern has been serving as resistance to price as the price has continued to fall.
A falling wedge pattern is made of two descending trendlines one serving as support and the other as resistance. When the price breaks above the resistance, it usually signals the beginning of a long bullish run. However, the length of the move could depend on other fundamental and on-chain factors.
As seen in the chart, converging lines of the formation also signal that the pattern is getting weakened and a breakout is imminent. With this in place, the analyst sees the price breaking out soon. He stated:
“ADA Falling Wedge formation on the Daily timeframe Chart..!! Expecting Breakout soon, So Keep an eye on it.”
What you'll learn 👉
Price Target Suggests Substantial Gains
Based on Captain Faibik’s chart, the price could spike to around $0.7, which is around an 80% spike from its current point.
Although such analysis could keep the community hopeful about a coming rally, Cardano’s price action has been slow. The sluggishness is similar to XRP Price action, which responds slowly to bullish trends but is always quick to fall when the market turns bearish.
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Short-Term Consolidation May Delay Breakout
Another factor to consider when trying to take a bullish stance on ADA is that the price has been trading sideways between $0.36 and $0.4 for close to 2 weeks.
The price may need to break above this consolidation first before traders start to look at ways to exploit the upcoming move.
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