$ADA
🚨 Cardano Price Analysis Targets $1.17 🚨
Cardano price at $0.821 has surged by almost 2% this week, maintaining the uptrend after a 19% surge last week. However, the ADA price faces short-term resistance near $0.837, resulting in a consolidation stage. This hampers the inverted head and shoulders breakout rally seen on the 4-hour ADA chart.
With a neckline overlapping the $0.75 zone, Cardano price action formed the bullish inverted head and shoulder pattern as marked in the technical chart. The 49.85% breakout target calculated by adding pattern’s depth to the $0.75 neckline coincides with the previous peak at $1.137. Hence, the $0.837 breakout could catalyze the next big move for the altcoin. Notably, a minor resistance is present at $0.983, an in-between peak reflecting volatility closer to the $1 psychological mark.
Supporting the $1.17 price target, MACD and signal lines prepare for a positive crossover to restart an uptrend. Furthermore, the Relative Strength Index (RSI) momentarily dropped from overbought zone to halfway line, a bearish divergence resulting in the consolidation stage. However, the RSI takes a V-shaped reversal from the halfway line, suggesting resurfaced buying pressure.
BINANCE:ADAUSD Chart Image by Trojan69420
As the consolidation prolongs, the ADA price momentum trapped could be released on either side. If the $0.75 zone breaks, the breakout thesis will be nullified, suggesting a potential 20% drop to $0.647, followed by the next support at $0.60.
