#Cardano
Trade now . . bullish sentiments๐๐๐๐โคโค๐โค๐๐ค๐คโโค๐โคโ
๐ผ๐ฟ๐ผ ๐๐ง๐๐๐ ๐๐ง๐๐๐๐๐ฉ๐๐ค๐ฃ: ๐พ๐๐ง๐๐๐ฃ๐ค ๐๐๐ข๐ ๐พ๐ค๐๐ฃ๐จ ๐๐ค๐๐ง- ๐ผ๐ฃ๐๐ก๐ฎ๐จ๐๐จ ๐๐๐ค๐ฌ๐จ $1.2 ๐๐จ ๐๐ค๐ฉ ๐๐๐ง๐ฎ ๐๐๐ง
ADA price has formed a bullish setup, pointing to an eventual 40% surge to its highest point in May. Cardano jumped as the crypto market recovered, and as Snek, a top meme coin in its ecosystem, bounced back.
It rose to a high of $0.6320, its highest level since June 16, and 25% above its lowest level this month. CoinMarketCap data showed that this rally occurred in a high-volume environment, with the daily figure increasing by 87% to $1.1 billion.
The daily timeframe shows that ADA price has strong technicals that may trigger more gains in the coming days. The most significant technical figure is that it formed a double bottom pattern at $0.5086, its lowest level in April and June this year.
This pattern typically indicates that the selling pressure below the double-bottom level has ceased. It is also characterized by a neckline, which, in this case, stans at $0.8630, its highest level in May, which is ~40% above the current level.
The two lines of the MACD indicator have formed a bullish crossover, and are nearing crossing the zero line for the first time since May. Therefore, the most likely long term Cardano price forecast is bullish, with the short term target being the double-bottomโs neckline at $0.8630.
A cross above that target will point to more upside, potentially to the double-bottomโs target of $1.2, which is about 93% above the current level. A drop below the double-bottom level at $0.50 will cancel the bullish view.
