Cardano (ADA) is escaping a long-term downtrend channel, with price indicators hinting at the possibility of moving towards $1.
Recent candlestick formations, such as long lower wicks, indicate greater buyer demand, supporting the bullish prognosis for ADA.
The flattening 50-day SMA and RSI levels point to sustained upward momentum for ADA, with $0.90 and $1 remaining critical levels of resistance.
Cardano (ADA) has broken out of a long-term descending channel, showing renewed bullish momentum. With strong technical support and rising volume, the asset is positioned for a potential move toward the $1 level.
Cardano Price Action Breaks Descending Channel
$ADA has broken out of a long-standing descending channel that had restricted price growth for months. The breakout is accompanied by volume spikes, signaling strong participation and reducing the chance of a false move. With the price at $0.8288 as of writing, up 1.56% in the past 24 hours and 24.93% over the past seven days.
Recent candlestick patterns show long lower wicks, a sign of aggressive dip buying and strong demand at lower levels. These "tasty wicks," as described by Sssebi , indicate that bulls are stepping in with conviction, reinforcing the possibility of another leg upward.
The $0.80 level is now acting as solid support. As price holds above this zone, market structure continues to favor buyers, with the $0.90 and $1.00 zones now becoming the next key resistance levels.
Technical Indicators Support Bullish Case
Technical indicators are aligning in favor of further upside. The 50-day Simple Moving Average is starting to flatten and is in the process of curling upwards. $ADA holding above this SMA is deemed a possible indication of trend reversal.
The Relative Strength Index is at around 66, indicating healthy bullish momentum without reaching the overbought zone. This provides additional room for further price increases before a correction may occur. The current structure and trend indicators suggest continuation if momentum persists.
If ADA maintains this level and continues to attract buying interest, the technical setup remains in favor of bulls. The market now looks toward the $0.90 and $1.00 resistance levels as logical next steps.
Brave Browser Adds Cardano to Multi-Chain Expansion
Adding to the bullish outlook, privacy-focused web browser Brave has announced the integration of Cardano into its platform, further expanding ADA’s ecosystem as noted by CryptosRus .
https://twitter.com/CryptosR_Us/status/1922407001218260995
Brave currently has over 86 million monthly active users, offering Cardano increased exposure and usability across decentralized applications. This development could drive greater adoption and awareness for the ADA network as it aligns with major platforms.
The integration marks a new step in Cardano’s expansion strategy, bridging blockchain utility with mainstream digital platforms.
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