🔥🔥🔥 Cardano price set for a 10% rally upon a breakout above descending trendline


Cardano Price Tests Descending Trendline: Bullish Move Possible

- Cardano ($ADA ) is currently testing its descending trendline, which could signal a bullish breakout if surpassed. Technical analysis reveals a bullish divergence on momentum indicators, suggesting potential for an upward move.

Bullish Potential:


- Cardano’s price is revisiting its descending trendline, drawn from swing highs between late March and early July. A successful breakout above this trendline could drive ADA up by 10% to test the $0.426 resistance level.

- The bullish divergence observed on both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) supports this potential rally. This divergence often indicates a trend reversal or short-term rally.

Rally Scenarios:


- If ADA closes above $0.426, it may extend its rally by 31% to reach the 50% retracement level between $0.318 and $0.810, approximately $0.564.

Bearish Risks:


- Conversely, if Cardano’s price closes below $0.317 and forms a lower low on the daily chart, this could signal a bearish shift. Such a move might invalidate the bullish outlook and potentially lead to a 10% decline to the previous low of $0.283 from November 1, 2023.


Source - fxstreet.com

#CryptoTrends2024 #BinanceSquareTalks #CryptoMarkets