Cardano is trading at approximately $0.3517, facing a 4.3% loss in the last 24 hours.
Technical indicators suggest a potential upward breakout as ADA forms a descending triangle pattern.
Social interest in Cardano is rising, with 111,000 mentions reported.
Cardano (ADA) is currently trading at approximately $0.3517, reflecting a 4.3% loss over the last 24 hours. Despite this decline, technical indicators suggest a potential upward breakout as ADA forms a descending triangle pattern, hinting at a possible price reversal.
Technical Indicators Show Bullish Potential
Cardano’s price has struggled to surpass the $0.36 resistance level, with sellers consistently pushing the price down each time it attempts to rally. However, the narrowing descending triangle pattern indicates that ADA may be nearing a breakout.
Data from TradingView suggests that if bulls can overcome the $0.36 resistance and break through the triangle’s upper boundary, a rally toward $0.40, aligning with the 0.236 Fibonacci retracement level, is possible.
Supporting the potential for a bullish reversal, the Chaikin Money Flow (CMF) indicator has entered positive terr…
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