Cardano Aims for $0.70 after Bullish Breakout
Cardano is gaining bullish momentum. Technical indicators suggest that as long as ADA continues to trade above $0.50, it may have the potential for further growth.
Cardano has broken through a critical resistance area, which may signal the beginning of a new uptrend. The price of ADA has risen by almost 23% in the last three days after a three-month consolidation period. The sudden rise was caused shortly after the token broke the resistance level of $0.45.
Further pressure from buyers could push ADA to higher highs as the most significant supply barrier appears to have been overcome. The token broke out of the descending triangle on the 12-hour chart. This technical formation suggests that ADA may grow by 51% after overcoming the resistance level of $0.45. If confirmed, the formation indicates a growth target of $0.70.
Cardano needs to hold the support level above $0.50 to have a chance to print higher highs. Failure to stay above such a critical price point may be perceived as a sign of weakness, which will lead to a jump in profit-taking. If that happens, the ADA could drop to $0.45 or even $0.38.
https://coin-signal.com/cryptonews/cardano-aims-for-0-70-after-bullish-breakout/
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