Digital token Cardano (ADA) has seen bullish price action as the cryptocurrency market launched a widespread bull run over the past week. The altcoin has risen from an October 19 low of $0.247 to its current price of $0.280 after maintaining gains over the past six days.
As a result, ADA is up more than 14% on its seven-day chart. Performance remains impressive even though the altcoin is far from its September 2, 2021 ATH of $3,10,
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Meanwhile, Cardano appears poised to extend its current uptrend as it shows show signs of price increase. Altcoins have created a descending wedge pattern, highlighting the digital currency's upcoming bullish trend. This pattern confirms that the bulls have consistently outperformed the bears, often leading to a bullish breakout.
However, traders should consider the above trendline when trading this pattern. A break beyond the boundary, providing a profitable buying opportunity, would confirm an impending bullish breakout.
ADA's latest price movement has established $0.25 as reliable support. The value zone is crucial to the token's volatility, confirming its importance.
Meanwhile, the cryptocurrency has significant initial resistance at $0.30, which remains important as it previously acted as support for ADA.
Moving average convergence and divergence support ADA's short-term uptrends as it fluctuates outside the MACD signal line. Furthermore, the Relative Strength Index is hovering above the 55 level, indicating bullish strength.
However, Cardano shows a bearish trend when evaluating its medium and long-term structure. Enthusiasts should be careful and consider short-term opportunities.
Falling wedge pattern and positive indicators confirm ADA's short-term revival. Traders may need to monitor support at $0.25 and resistance at $0.30 when assessing the token's breakout potential.
A move below $0.25 would help ADA reach the next support level at $0.22, while a sharp rise beyond $0.30 could welcome smooth sailing Downwind towards the barrier at $0.42
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