Cardano Inches Its Way Towards a Bullish Breakout for BINANCE:ADAUSDT by CoinGape

-ADA is up nearly 5% on the day
-Price has been rejecting off major resistance zone
-ADA comes inches away from breaking falling wedge

Cardano has held up very well throughout the bloody markets the last few months. Bulls have defended major support found at $1.00 very well as it seems it is now a floor. With the market starting to turn around, so is ADA. Much anticipation of a full functioning platform has investors keeping their bets on Cardano becoming a better Ethereum .

While looking at the green falling wedge pattern, we can see a large breakout is soon to come. This pattern is 80% of the time a bullish one and has a minimum target of around $1.50. Cardano must fully clear the top trend of the wedge along with the major resistance found at $1.20 to be in position to start a strong uptrend. IF the breakout is deemed successful, ADA will have to battle out next resistance at $1.27 along with the 200MA that has held price down for over a month.

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Shown in light gray, ADA has just attempted to breakout of a 2 week long descending channel . If price fails to hold above this, it may be in for a ride back down to lower support levels. Price will find support at $1.09 & $1.03. The support found at $1.03 will be a strong floor as the bottom trend of the falling wedge also sits near that area. A break below this mark will trigger a large sell off, but seems unlikely as of now.

While looking at the RSI , we can see strength has just broken over a near 3 week downtrend line. This is the first step to revival as it confirms ADA is now in a short term uptrend. As long as RSI can stay over the 50 value, ADA remains bullish . The Stochastic RSI has been hanging out above the overbought line. This shows strength is maxed out and ADA has to make another upwards move soon or a short term pullback will be underway.

ADA intraday levels

Spot rate: $1.19

Trend: Bearish

Volatility: Medium

Support: $1.14

Resistance: $1.20

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