📈 Will Cardano Price Hit $1 As Charles Hoskinson Fights $318M TGE Rumor? 🐋
Cardano (ADA) price jumps 4% with a boost in the crypto market sentiments.
The surge in buying pressure aligns with Charles Hoskinson’s fight back against TGE rumors of a 318M ADA transfer.
With a fresh recovery at hand, Cardano prepares for a 40% breakout rally ahead. Will ADA price surge to the $1 psychological mark as Charles fights strong against rising rumors?
Cardano price at $0.701, a 4.32% intraday rise, creates a strong bullish engulfing candle. The comeback in ADA price undermines the minor pullback on the weekends, reinstating short-term optimism.
Since March, Cardano has struggled to cross the $0.762 supply zone while marking a bottom at $0.557.
During the sideways shift, the ADA price created two swing lows $0.682 and $0.557, resulting in a reversal rally challenging $0.762.
With the recent turnaround from $0.226, Cardano price trend hints at completing an inverted head and shoulder pattern. The neckline coincides with the 23.60% Fibonacci level near the $0.762 supply zone.
The rising ADA price must sustain a daily closing price above the neckline for a conclusive breakout signal.
For this bullish pattern, the target is calculated by adding the depth of the head to the breakout point.
This hints at a price move of more than 40% in Cardano to the 50% Fib level at $1.082, aligning with broader market bullish Cardano price predictions.