Cardano Breakout on the Horizon: Is $0.50 Next?
Cardano, a prominent layer-1 altcoin, is displaying indications of a bullish resurgence in the midst of a hesitant broader market. At its current trading price of $0.3335, the coin has experienced a 3.80% increase in the past four hours, suggesting the possibility of an impending rally. The recent uptick in demand points towards a potential breakout that traders on the sidelines should monitor closely.
In the 1-hour price chart, Cardano’s price movement demonstrates a descending channel pattern, resulting in a 9.59% decrease over a span of 5 days. Nevertheless, a bullish trend line has emerged, leading to a double-bottom reversal and a notable uptrend. With a 3.80% rise in the previous 4 hours and 4 consecutive bullish candles, momentum indicators such as the MACD and RSI corroborate the positive trend.
As the bullish momentum gains traction, Cardano’s price action unveils a rounding bottom pattern in the 1-hour chart. Additionally, the cryptocurrency is challenging the upper resistance trendline, heightening the prospects of a bullish breakout. According to Fibonacci levels, Cardano has the potential to surpass the $0.35 peak and attain the 1.618 Fibonacci level at $0.3785 in the short term. Looking ahead, a conceivable target is $0.50, although it may encounter resistance levels at $0.4141 and $0.4497 along the way.
It is imperative to emphasize that this content is strictly for informational purposes and should not be interpreted as financial advice. The viewpoints articulated here are attributable to the author and may not necessarily reflect the perspectives of The Crypto Basic. Readers are strongly advised to conduct comprehensive research before making any investment decisions, as The Crypto Basic bears no responsibility for any financial losses.
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