The Cardano (ADA) Price Bounces After Breakout
The price of Cardano (ADA) recently attempted to break out from a descending resistance trend line that has been in place for 33 days. ADA has been trading within a horizontal range since November 2022, with support and resistance levels confirmed multiple times. In October 2023, ADA experienced an upward movement, reaching a new yearly high of $0.68 in December. Although the price declined afterwards, it bounced at the upper boundary of the range last week, closing the week bullishly but leaving a long upper wick.
What do Analysts Say?
While there isn’t much discussion about ADA, some cryptocurrency analysts are bullish on its future trend. The dAppAnalyst believes that ADA will become parabolic after breaking out from $0.60-$0.70. He also mentioned that many people lose money in crypto because they don’t stick it out, so patience is important.
ADA Price Prediction: Can ADA Break Through?
The daily time frame chart supports the continuation of ADA’s price increase. The Elliott Wave theory suggests that ADA is in its fifth and final wave of increase, which started in June 2023. To confirm this count, ADA needs to break out from its descending resistance trend line. If this happens, ADA could increase by 55% to the next resistance between $0.80-$0.90. However, if ADA falls below $0.46, it could decrease by 28% to the closest support at $0.40.
Hot Take: Conclusion
In conclusion, the Cardano (ADA) price recently attempted to break out from a descending resistance trend line and bounced at the upper boundary of its horizontal range. Some analysts are optimistic about ADA’s future trend, while others predict a potential increase if ADA breaks through its resistance. However, it’s important to conduct your own research and consult with a professional before making any financial decisions in the volatile crypto market.
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