Friday, February 3, 2023
 

ADA’s Price Approaches Bullish Chart Patterns Apex: Two Ways Out

  • ADA is currently trading at $0.3204 after a 0.37% increase in price.
  • A bullish triangle chart pattern has formed on ADA’s daily chart.
  • The daily MACD and MACD histogram also shows bullishness.

According to CoinMarketCap, Cardano (ADA) is n in the green for the day so far. The Ethereum-killer is currently trading at $0.3204 after a 0.37% increase in price over the last 24 hours. The crypto is also in still up by about 0.94% over the last seven days.

Also in the green is ADA’s 24 hour trading volume which stands at $220,515,475  after a more than 18% increase over the last day.

Cardano / TetherUD 1D
Cardano / TetherUD 1D Source: CoinMarketcap

A bullish triangle chart pattern has formed on ADA’s daily chart as the altcoin’s price printed higher lows and consistent highs. ADA’s price has also risen above the daily 9 EMA line, which was acting as a strong resistance level.

As ADA’s price reaches the apex of the bullish chart pattern, there are two scenarios that can play out. The first is a bullish scenario that will see ADA’s price climb above the daily 20 EMA line and make a move towards the next resistance level at $0.3340.

On the other hand, if the price of ADA is unable to overcome the resistance at $0.3209, then it will either consolidate for one or two days before retracing slightly, or it will retrace immediately after breaking out of the bullish chart pattern.

The daily MACD and MACD histogram show bullishness. However, the daily histogram looks as if it has peaked. Market makers will have to step in over the next 24-36 hours if they want a bullish continuation. If these market makers have run low on liquidity, then they will probably sell some of their holdings to build up their liquidity before pumping ADA’s price again.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • ADA is currently trading at $0.3204 after a 0.37% increase in price.
  • A bullish triangle chart pattern has formed on ADA’s daily chart.
  • The daily MACD and MACD histogram also shows bullishness.

According to CoinMarketCap, Cardano (ADA) is n in the green for the day so far. The Ethereum-killer is currently trading at $0.3204 after a 0.37% increase in price over the last 24 hours. The crypto is also in still up by about 0.94% over the last seven days.

Also in the green is ADA’s 24 hour trading volume which stands at $220,515,475  after a more than 18% increase over the last day.

Cardano / TetherUD 1D
Cardano / TetherUD 1D Source: CoinMarketcap

A bullish triangle chart pattern has formed on ADA’s daily chart as the altcoin’s price printed higher lows and consistent highs. ADA’s price has also risen above the daily 9 EMA line, which was acting as a strong resistance level.

As ADA’s price reaches the apex of the bullish chart pattern, there are two scenarios that can play out. The first is a bullish scenario that will see ADA’s price climb above the daily 20 EMA line and make a move towards the next resistance level at $0.3340.

On the other hand, if the price of ADA is unable to overcome the resistance at $0.3209, then it will either consolidate for one or two days before retracing slightly, or it will retrace immediately after breaking out of the bullish chart pattern.

The daily MACD and MACD histogram show bullishness. However, the daily histogram looks as if it has peaked. Market makers will have to step in over the next 24-36 hours if they want a bullish continuation. If these market makers have run low on liquidity, then they will probably sell some of their holdings to build up their liquidity before pumping ADA’s price again.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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