Bitcoin
Bitcoin (BTC)
$61,154.00 -3.76778
Bitcoin price
Ethereum
Ethereum (ETH)
$2,977.96 -3.4337
Ethereum price
BNB
BNB (BNB)
$543.55 -0.18506
BNB price
Solana
Solana (SOL)
$130.33 -6.95707
Solana price
XRP
XRP (XRP)
$0.4907640 -2.8743
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 -3.19318
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000047 -10.47301
Pepe price
Bonk
Bonk (BONK)
$0.0000137 -6.30401
Bonk price
Bitcoin
Bitcoin (BTC)
$61,154.00 -3.76778
Bitcoin price
Ethereum
Ethereum (ETH)
$2,977.96 -3.4337
Ethereum price
BNB
BNB (BNB)
$543.55 -0.18506
BNB price
Solana
Solana (SOL)
$130.33 -6.95707
Solana price
XRP
XRP (XRP)
$0.4907640 -2.8743
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 -3.19318
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000047 -10.47301
Pepe price
Bonk
Bonk (BONK)
$0.0000137 -6.30401
Bonk price
Bitcoin
Bitcoin (BTC)
$61,154.00 -3.76778
Bitcoin price
Ethereum
Ethereum (ETH)
$2,977.96 -3.4337
Ethereum price
BNB
BNB (BNB)
$543.55 -0.18506
BNB price
Solana
Solana (SOL)
$130.33 -6.95707
Solana price
XRP
XRP (XRP)
$0.4907640 -2.8743
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 -3.19318
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000047 -10.47301
Pepe price
Bonk
Bonk (BONK)
$0.0000137 -6.30401
Bonk price
Bitcoin
Bitcoin (BTC)
$61,154.00 -3.76778
Bitcoin price
Ethereum
Ethereum (ETH)
$2,977.96 -3.4337
Ethereum price
BNB
BNB (BNB)
$543.55 -0.18506
BNB price
Solana
Solana (SOL)
$130.33 -6.95707
Solana price
XRP
XRP (XRP)
$0.4907640 -2.8743
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 -3.19318
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000047 -10.47301
Pepe price
Bonk
Bonk (BONK)
$0.0000137 -6.30401
Bonk price

Analyst: Cardano looking to break out of holding pattern

analyst-cardano-looking-to-break-out-of-holding-pattern
Edited by
Markets
Analyst: Cardano looking to break out of holding pattern

A YouTube analyst from Crypto Capital Venture believes Cardano could be breaking out from a multi-week symmetrical triangle pattern.

In his Dec. 28 YouTube video, the analyst analyzed the Cardano (ADA) charts in-depth. He believes that Cardano may be on the verge of a breakout from a symmetrical triangle pattern that has been forming over the past few weeks.

Specifically, the analyst pointed to ADA recently breaking through the triangle’s upper trendline, which he says could signal the start of a move upwards.

“I want to dissect the move right now and just talk about what I’m personally anticipating,” he commented.

Analyst: Cardano looking to break out of holding pattern - 1
ADA 30-day price chart | Source: CoinMarketCap

However, he cautioned that ADA faces significant overhead resistance around its current price level. This includes the crucial 200-week moving average, which has historically acted as major resistance for Cardano. Plus, ADA is in overbought territory on the weekly time frame, meaning a pullback would not be unlikely.

“If ADA fails here on the daily, […] that’s okay because from a momentum oscillator perspective, from being overbought perspective, that’s in play,” the analyst remarked.

He explained that a drop would align with Cardano’s pullback patterns from the last cycle.

Nonetheless, the analyst believes that if ADA can power through the overhead resistance and continue upwards, it would mark a bullish shift from prior market cycles. He set a price target of $0.80 if the breakout sustains itself.

I’m very curious what happens with ADA right now, because not only the resistance we’ve talked about so far, but if you actually look at this red rectangle I’ve charted here, that’s the swing high that we had on December 13.

Crypto Capital Venture
Follow Us on Google News