Assessing Cardano’s potential bullish breakout as ADA prints falling wedge pattern

October 25, 2023 08:51 PM AEDT | By Invezz

Assessing Cardano’s potential bullish breakout as ADA prints falling wedge pattern — Image source: Invezz

Cardano’s support and resistance levels

ADA’s latest price movements have established $0.25 as a dependable support. The value area has been crucial for the token’s swings, confirming its significance.

Meanwhile, the crypto has the initial substantial resistance at $0.30, which remains vital as it previously served as ADA’s support level.

The Moving Average Convergence Divergence Line supports near-term upswings for ADA as it sways beyond the MACD Signal Line. Also, the Relative Strength Index hovered above 55, suggesting bullish strength.

Nonetheless, Cardano exhibits a downtrend when evaluating its medium and longer-term structure. Enthusiasts should be cautious and consider short-term opportunities.

The falling wedge setup and positive indicators confirm a potential short-term upsurge for ADA. Traders may have to watch the support at $0.25 and resistance at $0.30 when evaluating the token’s breakout potential.

A move below the $0.25 foothold will see ADA hitting the next support at $0.22, whereas solid upswings beyond $0.30 might welcome a smooth sail the the hurdle at $0.42.

The post Assessing Cardano’s potential bullish breakout as ADA prints falling wedge pattern appeared first on Invezz

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