ADA gears up for $ 2 test amid potential bull pennant – fr

ADA gears up for $ 2 test amid potential bull pennant – fr

  • ADA / USD draws a bullish flag on the 12H chart.
  • A test of the $ 2 mark seems inevitable if the uptrend is confirmed.
  • The RSI has regained its bullish momentum, well above 50.00.

Cardano (ADA / USD) prolongs its recovery this Sunday after a strong sell-off observed the day before.

The seventh most-traded cryptocurrency consolidates its stellar lead to a new all-time high reached on Friday at $ 1.8124. The token has risen by around 23% in the past seven days, compared to 2.50% in the past 24 hours.

ADA / USD: Target $ 2 on a sustained breakout above key resistance of $ 0.6785

The 12-hour ADA / USD chart portrays a constructive outlook as the coin is on the verge of a bullish pennant break.

A 12 hour candlestick closing above the downtrend line resistance at $ 0.6785 should validate the bullish breakout, calling for a test of the pattern target measured at $ 2.1225.

On their way to the latter, ADA bulls could be challenged by lifetime highs, above which the psychological level of $ 2 could act as a powerful resistance.

The Relative Strength Index (RSI) rebounded, heading north again, currently hovering around 66.50. The leading indicator suggests that there is additional margin to the upside.

ADA / USD: 12 hour chart

Alternatively, if the sellers come back then immediate support is seen at the uptrend line support at $ 1.5706.

An acceptance below the latter could invalidate the bullish formation, which could imply a trend reversal.

The next best safety net for ADA buyers then awaits at the round figure of $ 1.50.

Further down, the simple moving average (SMA) of 21 sloping upward to $ 1.4495 will be on sellers’ radars.

The last resort for optimists is seen at Thursday’s low of $ 1.4307.

Overall, the path of least resistance for ADA price appears to be on the rise.


Please enter your comment!
Please enter your name here