2024-7-9 14:30 |
The price of Cardano has continued to move within a falling wedge pattern since December 2023. The two trend lines that are forming the falling wedge pattern also serve as resistance and support for ADA’s price.
Based on the current price action, ADA is at the bottom of the wedge, and the next anticipated price move is to reach the top of the wedge pattern. However, the price still remains in a bearish zone until it breaks above the top of the wedge, which could then cause it to spike by more than 150%.
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According to an analyst named CobraVanguard on TradingView, a break above the wedge will make the price grow significantly. He noted a rising wedge pattern within the falling wedge that shows that the price could spike by more than 150% from $0.4 to around $1.
The analyst also noticed that the Moving Average Convergence Divergence (MACD) indicator is showing a different direction from ADA price. From mid-April on, the MACD started to show a bullish signal while the price kept dipping.
This often means that the bearish momentum is weakening and a reversal is imminent. According to the TradingView analyst, the divergence in MACD makes the bullish signal stronger.
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Show more +Show less –The relative strength index of ADA supports the short-term price outlook, with its value currently at 41, rising steadily from 33 two days ago. The 50-day MACD is also above the price, which could serve as a potential resistance. However, there is room for the price to run until it gets to that point.
The falling wedge support, MACD, RSI, and SMA suggest that Cardano is bullish in the short term. However, the move is still within a descending triangle, which has served as resistance to the price. A break above it is needed for a decisive price ascent.
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The post Cardano’s ADA Price Looks Bullish, But Major Resistance Signals Caution: Here’s the Outlook appeared first on CaptainAltcoin.
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