Cardano (ADA) Price Breakout Hints End Of Correction
After experiencing a month-long correction, the Cardano price has finally shown signs of recovery. The price has managed to reclaim the $0.5 psychological level and break through the resistance trendline. This suggests that buyers are ready to regain lost growth and push the price higher. The recent data reveals that a significant portion of ADA holders have kept their investments for over five years, indicating their confidence in Cardano’s potential and stability.
In addition to this, the recent correction in ADA price has formed a pennant pattern, which is a continuation pattern commonly observed in strong uptrends. This pattern provides buyers with an opportunity to revive momentum and drive the price higher. The price rebounded from the 50% Fibonacci retracement level, further confirming the buyers’ hold over the asset.
Currently trading at $0.534, if the Cardano price can hold above the breached trendline at $0.5, it could potentially rally to $0.62, followed by $0.675 and $0.75.
Technical Indicator:
- Moving Average Convergence Divergence (MACD): A bullish crossover between MACD and signal indicates a recovery trend among traders.
- Bollinger Band: An uptick in the upper boundary of Bollinger band indicators reflects aggressive buying activity in the market.
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