Crypto Winkle has issued a major alert for Cardano (ADA), predicting a price rally. Besides, the chart shared by Crypto Winkle reveals a crucial moment for ADA, as the crypto breaks out of a descending triangle pattern.
Moreover, this pattern, often considered a bearish signal, has been reversed in this case, hinting at a potential bullish momentum for ADA. The breakout marks an exciting moment for traders, especially given the favorable technical indicators accompanying this price action.
Cardano $ADA Alert: Massive Breakout Incoming!@Cardano enthusiasts, brace yourselves! The descending triangle pattern that's been haunting us has finally been shattered!Key points to get you hyped:* RSI sitting at a cozy 45 – perfectly primed for a rally.* MACD flashing… pic.twitter.com/wewRiBYlcO
— Crypto Winkle (@CryptoWinkle) October 8, 2024
ADA Triangle Breakout Confirmed
Cardano has broken through the top limit of a descending triangle formation in the chart, which has been driving pricing pressure since mid-2023. Usually connected with declining prices, descending triangles can also indicate the beginning of a strong upward trend when broken to the upside.
The breakout from this pattern is a key technical signal that aligns with Crypto Winkle’s bullish forecast.
The analyst’s tweet emphasized the importance of this breakout, noting that ADA’s long-standing resistance within the triangle has been shattered, setting the stage for a possible rally.
Cardano Indicators Flash Bullish Signals
Two important technical indicators aiding the breakout are the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
At about 45, the RSI indicates that ADA is neither overbought nor oversold—a level usually considered the ideal zone for upward momentum. This implies that ADA has the momentum to keep on its increasing slope free from imminent sales pressure.
Furthermore, the MACD line crosses above the signal line, a frequent indicator of increasing bullish momentum, therefore entering positive territory. Based on Crypto Winkle’s analysis, this crossing supports the likelihood of an ongoing uptrend.
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Read also: Solana Price Primed for a Rally—Can SOL Smash Through $152 and Soar?
Price Target and Potential Upside
With the descending triangle now behind it, Crypto Winkle predicts that ADA could be on track to test the $1 mark. This would represent nearly a 3x gain from the current price of around $0.35.
If ADA continues to build on this momentum and clears resistance levels around $0.50 and $0.75, this ambitious target could come into play. All in all, the combination of a confirmed breakout, favorable RSI, and bullish MACD provides solid technical reasons to be optimistic about ADA’s future price action.
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