Cardano

<ul class="wp-block-list">
 <li>Cardano's symmetrical triangle hints at a breakout, with a potential target of $0.54 if it moves upwards from its current price of $0.36.</li>  
 <li>ADA faces dynamic resistance at $0.35, with multiple upward attempts rejected. Support holds a firm near $0.34 in the current setup.</li>  
 <li>The RSI at 43.02 signals decreased momentum, but the triangle's apex suggests a major move is coming for ADA traders to watch closely.</li> 
</ul>  
<p>Cardano is on the verge of a breakout from a 1D symmetrical triangle, as TheMoonCarl has demonstrated. From its current price of $0.36, the tweet suggests a potential 48% increase to $0.54. Traders are expecting a big change in the market as long as ADA keeps consolidating.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/TheMoonCarl/status/1846522224590680315
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-ada-s-technical-setup-and-price-action">ADA's Technical Setup and Price Action</h2>  
<p>ADA has dropped by 0.40% and is currently trading at <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow">$0.3473</a>. The price movement has been restricted within a declining channel, confirming the ongoing bearish trend at lower highs and lower lows.&nbsp;</p>  
<p>However, multiple tests of the lower channel boundary around $0.34 suggest strong support. Additionally, the 50-period moving average has formed dynamic resistance at $0.35, with several upward price attempts being rejected.</p>  
<p>The <a href="https://cryptonewsland.com/2x-ada-price-pump-cardano-bullish/" target="_blank" rel="noopener noreferrer nofollow">ADA/USDT chart shows price action</a> from September 19 to October 17, 2024. Notably, ADA reached a peak of $0.41 in late September before entering a downtrend. A selloff occurred in early October, pushing the price below the 50-period moving average. Currently, the RSI indicator sits at 43.02, indicating decreased momentum compared to earlier periods in October.</p>  
<h2 class="wp-block-heading" id="h-market-dynamics-and-indicators">Market Dynamics and Indicators</h2>  
<p>Volume remains relatively stable, with no extraordinary spikes, indicating a balanced distribution. However, the apex of the symmetrical triangle suggests an imminent breakout. If ADA breaks to the upside, the price could target $0.54. Conversely, a downside break could lead to further bearish action.</p>  
<p>Support levels have formed near $0.34, while resistance around the 50-period moving average remains firm at $0.35. Consequently, price consolidation between $0.34 and $0.36 shows reduced volatility since September.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfLKQydBHPrylG1Qq7M5csPCILDScfxrUlmtTCcO1yGRf7eA6MRH2a3FeSAfhA5d_qUolvTmNHzUbxbZPnhaM4wiN4QQMQSXcFSxYhWYFzMx7IFfzzN89qVL9x4IhKU4fnNrDEkY9GhRgfcgIfvobGyjA4L?key=Gv-TwIMN3y0gLVBF_9yq5g" alt="">
</figure>  
<p><strong><em>Source: </em></strong><a href="https://bingx.com/en/spot/ADAUSDT/" target="_blank" rel="noopener noreferrer nofollow"><em>Bingx</em></a></p>  
<h2 class="wp-block-heading" id="h-potential-for-upside-move">Potential for Upside Move</h2>  
<p>The symmetrical triangle pattern often leads to breakouts, and with volume slightly moving, a potential upside seems likely. Moreover, the <a href="https://cryptonewsland.com/cryptocurrency-experts-eye-upcoming-bullish-trends-amid-market-volatility/" target="_blank" rel="noopener noreferrer nofollow">decreased volatility</a> from September levels suggests the market is gearing up for a decisive move. Hence, traders are closely watching ADA for confirmation.</p> 
<p>The post <a href="https://cryptonewsland.com/cardano-eyes-breakout-as-symmetrical-triangle-forms-target-0-54/" rel="noopener noreferrer nofollow">Cardano Eyes Breakout as Symmetrical Triangle Forms: Target $0.54</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Cardano Eyes Breakout as Symmetrical Triangle Forms: Target $0.54

Table of Contents

Crypto News Land

Other articles published on Oct 19, 2024

Goodbye Biden Solana Memecoin to Explode 19,000% Before Exchange Listings, While Shiba Inu and DO...

ECB paper claims older Bitcoin holders are exploiting new holders

Berita Memecoin Hari Ini: DOGE dan BOME Berada di Titik Penting

Crypto Market Surges: Which Coins Are Leading the Charge?

Crypto Analysts Predict ETH Hybrid Coin Cutoshi To Pump 10,000% Before Listing On Major Exchanges...

SHIB and PEPE Holders Are Flocking to This Trending Meme Coin With Potential 7,500% Gains

Join our free newsletter for daily crypto updates!