ADA is set to reach $1.50 as the third biggest cryptocurrency by market cap maintains a ranking on the classic breakout pattern while sustaining an uptrend three days in a row as we can see more in our latest Cardano ADA news.
The ADA/USD exchange rate uptrend comes as the breakout moves from the previous Descending triangle range which raised the potential of the coin to hit $1.50 in the coming sessions. The native ADA token surged by 52% after bottoming out close to the $0.95 at the start of the week with the token forming an intraday high of $1.45 before correcting to the lower $1.35 region.
ADA is set to reach $1.50 as the traders flocked into the market while BTC started a correction lower. ADA offered an ideal refuge against the top crypto after its listing on the Coinbase Pro exchange so more bullish tailwinds for the coin are coming on the craze around NFTs as well. Cardano allows users to create these NFTs on its blockchain after the latest Mary upgrade.
The technical indicators added to this bullish confluence with the ADA/USD exchange rate’s move upside breaking out of the descending triangle. The traders see the said structure as a bullish continuation pattern especially since consolidation happens after a strong move upwards. ADA was trading even higher before creating the Triangle.
The breakout move emerging from the falling triangle structure leads the asset much higher by as much as the maximum distance between the upper and lower trendline. In ADA’s case the length spans at $0.47 so if one adds this to the level from where the token broke the Triangle, the target comes at $1.50. It’s essential to outline that the bullish outlook got validated by the Moving Average convergence divergence as per the analyst at CoinGape:
“The trend momentum indicator has crossed into the positive region, suggesting that the least resistance path is upward. Besides, the MACD line leads the way above the signal line, which is another bullish signal.”
On the flip side, the ADA/USD RSI on the 4-hour charts entered the overbought territory which increases the pair likelyhood of going lower and neutralizes the short-term purchasing sentiments. If another correction appears, Cardano risks correcting to $1.26. in the meantime, the fundamental risks threats to reverse the bullish course while ADA rallied because of Ethereum’s limitations. The latter suffers high transaction fees and gas fees but remains committed to solve the problems by the end of this year.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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