- Cardano price has formed a bullish cup-and-handle pattern.
- ADA price is bottoming out on the Relative Strength Index.
- Invalidation is a breach below $0.74.
Cardano price action is setting up for a colossal bull rally. Traders should hone in on this digital asset to get the best entry and maximize profits in the coming days.
Cardano price looks promising
Cardano price is one of the more favorable charts amongst cryptocurrencies this week. On Monday, the bears pushed the Cardano price into an expected supply zone at $0.88. The bulls quickly jumped on the opportunity and bought the discounted ADA price.
On Wednesday, Cardano price hovers at $0.93 above the zone. The next hurdle for the Cardano price will be the 50-day moving average. Traders can expect more chop in this area with a possibility to retest the $0.88 zone in the coming days.
ADA price is at the buyer’s level on the Relative Strength Index daily chart. The bulls have printed a bullish hammer which is very appealing. The overall structure of Cardano price appears to be a bullish cup and handle. This pattern forecasts a 50% rally from the current $0.93 price back into the $1.40 zone.
ADA/USDT 1-Day Chart
Currently, the safest invalidation of the bullish scenario is the swing low at $0.74. If the price breaks this area, then the entire uptrend scenario is void, and the ADA price will likely fall into the $0.65 level resulting in a 30% decrease from the current Cardano price.
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