The post ADA Price Analysis: Breakout Rally in Cardano Eyes A 20% Jump! appeared first on Coinpedia Fintech News
With a bullsih conclusion to a medium consolidation phase near $0.27, the ADA price skyrockets with the market recovery. As Bitcoin crosses $35K and Ethereum above $2K, the altcoins are gaining momentum and teasing a bull run.
The buyers control the Cardano price trend with the ongoing rally crossing the $0.35 mark. Moreover, the Cardano price predictions tease a price jump to $0.50 in 2023.
With a bullish breakout of the consolidation range below $0.27, the ADA price trend continues to form higher high formations. Accounting for a price jump of 55% in the last 22 days, Cardano’s price exceeds the 50D and 200D EMA. With the recent jump helping Cardano face a huge negative year-to-date return, the altcoin now shows a YTD performance of 52%.
Completing a rounding bottom pattern, the recent surge in the altcoins market launches the Cardano token price from the $0.35 mark. Marking a successful post-retest reversal of a rounding bottom breakout, the demand continues to grow.
Currently, the ADA price trades at $0.3708 with an intraday gain of 0.49%, as the trend sustains above $0.35. Further, the rising trend in the intraday trading volume supports the high-speed bull run in Cardano.
Technical indicators:
MACD indicator: The ongoing uptrend in the MACD and signal lines continues with the rising bullish histograms. Therefore, the momentum indicator showcases the bullish momentum on the rise.
EMA: The rising 50-day EMA comes closer to the 200-day EMA and increases the golden crossover possibility.
Will ADA Price Reach $0.45?
With the bullish continuation pattern breakout, the ADA price chart shows a strong likelihood of a prolonged bullish trend. Moreover, the market conditions are getting stronger, teasing a new altcoin season to refresh the momentum.
If the ADA price rises above the $0.40 mark, the rising trend can reach $0.45 after crossing $0.40. Conversely, a sharp reversal from $0.35 can retest the $0.325 mark.
#PriceAnalysis #Cardano(ADA) [Source: Coinpedia]