Cardano: ADA Retests Before Breaking Out, Can It Hit $0.50 Mark Soon?

Cardano (ADA) is yet to explore its bullish potential to the fullest. The token has adopted a rather lethargic stance this season, despite encountering robust waves of ecosystem developments. Per Sssebi, a notable crypto analyst on X, Cardano is currently retesting the upper trendline of a triangle. Retesting of a token generally refers to a phenomenon when the asset comes back to test its significant support or resistance price spot. It does so to check whether it can breach it to break into bullish momentum. Per the expert, ADA’s RSI indicators are also portraying a bullish divergence, signaling a bullish onset of the token.The analyst later shared that if ADA manages to close and breach the $0.46 mark, it can soon show some significant price action. “$ADA is now retesting the upper trendline of the triangle, which BTC already broke. Bullish divergence on the RSI is also visible. If the ADA starts closing above 0.46, we could see a rally soon.”Per CoinCodex, ADA may continue to face some friction along the line and shed 4% of its value to trade at $0.41 by May 21.The token may also gain some of its valuation back by May 23, trading at the $0.43 price level.

“The Cardano price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Cardano projections, ADA will be changing hands at $0.432047 on May 23, 2024, losing 5.69% in the process.”Additionally, by June 14, the platform shares that Cardano can gain nearly 4% again to trade at $0.48.

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