2024-8-30 20:15 |
Following a very slow start to the week, the crypto market bounced back today, mainly because both BTC and ETH are up over 3.5%.
There’s another altcoin, Cardano’s ADA, that also pumped 3.5% today, bringing the price to the $0.36 level.
A lot of these top altcoins are either trading in falling wedge or descending channel patterns, and while some of them were able to break above these channels, like Shiba Inu which I covered earlier today, ADA has not been able to do this (yet).
ADA’s Chart AnalysisThe falling wedge pattern on ADA’s chart is generally considered a bullish pattern. It forms when the price makes lower highs and lower lows, but the lows are converging faster than the highs. This pattern suggests a potential reversal or breakout to the upside.
Currently, ADA is trading within this wedge. The price seems to have made a recent bounce, likely from the lower trendline of the wedge, which could indicate a potential breakout attempt.
Source: TradingViewIf ADA breaks above the upper trendline of the wedge, a bullish breakout could be confirmed. The typical target for a breakout from a falling wedge is the height of the widest part of the wedge projected upward from the breakout point.
However, traders should also be aware of the bearish scenario. The measured move suggests a possible decline of about 21.86%, which could bring the price down to around $0.29-$0.30 if a breakdown occurs.
Read also: Is Cardano a Dead Altcoin? How Could Upcoming Chang Hard Fork Affect ADA Price?
ADA Price PredictionThe 200-day Moving Average is positioned at $0.486, significantly above the current price, indicating a long-term bearish trend. This MA acts as a strong resistance level, and ADA would need to break above it to signal a longer-term bullish reversal.
The Relative Strength Index (RSI) is currently at 49.80, just below the neutral level of 50. This means that ADA is neither overbought nor oversold. It’s in a neutral zone, meaning the price could swing in either direction depending on market momentum.
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Show more +Show less –Looking ahead, a breakout above the falling wedge’s upper trendline could push ADA towards the next significant resistance levels. The first target could be around the $0.486 level (near the 200-day MA). If momentum is strong, ADA might attempt to reach higher levels, possibly towards $0.55 to $0.60.
On the flip side, if ADA fails to break out and instead breaks down below the wedge, the price might revisit the lower targets near $0.29-$0.30 as indicated by the measured move.
Read also: We Asked AI To Predict Solana (SOL) Price In 2025
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