A crypto analyst and trader, known as “Mr Brownstone” on X (@GunsRoses1987), has identified a crucial support level for Cardano (ADA) that could potentially pave the way for a significant price rally. According to Brownstone, if the $0.48 level can establish itself as a strong support, it would set the stage for Cardano to conquer the next resistance level at $0.523.
Brownstone’s analysis focuses on the 1-hour Moving Average Convergence Divergence (MACD) indicator, which measures the relationship between two moving averages of a crypto’s price. He believes that once the MACD breaks above resistance on the 1-hour chart, it would signal an impulsive wave three pattern, potentially propelling Cardano’s price to the $0.60 level, which will be a 25% move from the current price of $0.48.
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“I want to see $0.48 become support & prepare to conquer the next resistance level = all eyes on $0.523,” Brownstone stated. “1H MACD needs to break above resistance here indicated. Once $0.523 is achieved, $0.60 is pretty much guaranteed. This is a (iii) wave = IMPULSIVE.”
Bullish Sentiment Builds as Cardano Breaks Out of Consolidation
Adding to the bullish sentiment, another analyst known as the “Cardano DApp ₳nalyst” (@TheDAppAnalyst) has observed that ADA has broken out from a one-month consolidating triangle pattern. This technical formation is often seen as a continuation pattern, suggesting that the previous trend is likely to resume after a period of consolidation.
The DApp ₳nalyst believes that this breakout is a clear signal to adopt a bullish stance on Cardano. “ADA has broken out from a one month consolidating triangle. It’s time to be bullish,” the analyst tweeted.
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Accumulation Strategy Advised for Potential Upside
To capitalize on the potential upside, the DApp ₳nalyst recommends an accumulation strategy, advising investors to “buy dips from here until we hit our target of .581c.” The analyst expressed confidence in Cardano’s ability to “shock so many people this cycle just like it did last cycle,” implying that the cryptocurrency could outperform market expectations.
Addressing skeptics and naysayers, the DApp ₳nalyst had a pointed message: “Maybe then the majority of crypto will take it seriously. For now, keep FUDDing and fading generational wealth if you don’t believe.”
These analysts’ perspectives highlight the growing optimism surrounding Cardano’s future trajectory. Whether their predictions materialize remains to be seen, but the Cardano community appears to be bracing for a potential price surge, should the identified support and resistance levels hold true.
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The post Cardano (ADA) Finally Breaks Out, Price Expected to Spike 25% if Support Holds: Best Strategy to Buy the Dip appeared first on CaptainAltcoin.
