The price of Cardano seems to be on the verge of rising significantly to $4.50, as indicated by a weekly chart showing ADA operating within an ascending parallel pattern. This pattern often precedes bullish breakouts and currently suggests that the price of Cardano could multiply by six in the coming weeks.
A successful push beyond the upper trendline of the neckline of the parallel channel, around $0.7600, could trigger a rally that potentially drives the altcoin beyond the psychological mark of $1 and brings it closer to the all-time high of $3.10.
The ascending parallel pattern is a bullish continuation pattern that forms when the price is within two parallel trendlines with an upward slope. This pattern typically indicates higher highs and higher lows, signifying the direction of the trend.
The price has already closed beyond the upper trendline of the parallel channel, and the target of $4.50 was calculated by adding the height of the parallel channel to the breakout point.
Additionally, Cardano's relative strength index is at 51.49, suggesting that the current price action is bullish.
According to historical data, Cardano's rally in 2021 to reach a new all-time high followed an ascending parallel channel pattern. According to TradingView, the price consolidated between $0.10 and $0.20, followed by a massive increase of 2800% to $3.10.
$ADA
A successful push beyond the upper trendline of the neckline of the parallel channel, around $0.7600, could trigger a rally that potentially drives the altcoin beyond the psychological mark of $1 and brings it closer to the all-time high of $3.10.
The ascending parallel pattern is a bullish continuation pattern that forms when the price is within two parallel trendlines with an upward slope. This pattern typically indicates higher highs and higher lows, signifying the direction of the trend.
The price has already closed beyond the upper trendline of the parallel channel, and the target of $4.50 was calculated by adding the height of the parallel channel to the breakout point.
Additionally, Cardano's relative strength index is at 51.49, suggesting that the current price action is bullish.
According to historical data, Cardano's rally in 2021 to reach a new all-time high followed an ascending parallel channel pattern. According to TradingView, the price consolidated between $0.10 and $0.20, followed by a massive increase of 2800% to $3.10.
$ADA
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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