Lorenzo Stroe
Independent Analyst
- Cardano price is contained inside an ascending triangle pattern on the 4-hour chart, ready to burst.
- The breakout or breakdown will most likely drive ADA by 30% in the long-term.
Cardano has been trading relatively sideways for the past four days consolidating from its 2020-high at $0.183. The digital asset seems to be ready for a massive price move as bears and bulls continue fighting.
Cardano is on the verge of a huge move, but in which direction?
It seems that Cardano has formed an ascending triangle pattern on the 4-hour chart which is extremely close to a breakout or breakdown. So far, the bulls have defended the 50-SMA as support which means they are strong.
ADA/USD 4-hour chart
The In/Out of the Money Around Price chart (IOMAP) only shows one significant resistance area between $0.164 and $0.168, but the upper trendline of the pattern is at $0.173. This seems to indicate that climbing above $0.168 can quickly drive Cardano price to the upper boundary of the triangle and break out easily, targeting $0.223.
ADA IOMAP chart
On the other hand, the same chart also shows very little support on the way down and the current Cardano price at $0.163 is close to the lower boundary of the pattern. A breakdown below this point can push ADA price towards $0.115 in the long-term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.