Cardano is currently traded around $ 0.36 and has a market value of $ 11 billion. After several days of sideways movement, the ADA was finally able to rise after retesting $ 0.28. ADA / USD hits a new annual high at $ 0.367. So will ADA rise?
Cardano price analysis
ADA / USD was recently traded as a symmetrical triangle, after several days of bullish movement resulted in a new annual high of $ 0.358 earlier this month. Since then, the price has been dropping lower every time it finds support and reverses.
This week, the ADA made both a high low of around $ 0.28 and a lower peak around $ 0.33. Both of these turning points led to a clear acceptance of the symmetrical triangle model.
Today Cardano price has finally decided where to go next. There was a clear break above the $ 0.33 resistance and the descending trend line.
Cardano’s price has increased by more than 14 percent in the past 24 hours. As mentioned earlier, a clear break was observed today. Cardano climbed above three previous highs of $ 0.33, 0.34 and $ 0.358. Therefore, we can expect more bullish momentum next week.
Before the break, ADA retested the previous small support area at around $ 0.28. There was an obvious rejection at this level and inviting investors to enter the market for another breakout attempt. This time it was successful.
Will ADA rise?
Considering that the previous bullish wave seen from January 3 to January 7 resulted in an increase of more than 100 percent, we can expect the market to follow a much higher course in the coming days.
For Cardano’s current move, the next resistance can be seen at the psychologically significant $ 0.4 level. Other than that, there is no clear resistance ahead and ADA / USD could continue to rise over the weekend.
A good support level to watch for ADA, if there is a rejection for further bullish later today, is the previous high of $ 0.33. The 33 cents level will likely once again offer support for the ADA, with a few weeks of rising trendline.
Later retesting can be used to enter a long position with the expectation that the price will continue to rise next week. If this space doesn’t keep Cardano in place, we’ll likely see a much larger mid-term reversal for the remainder of this month.
Cardano spent several days in an increasingly narrow gap after forming a symmetrical triangle. Earlier today, the pattern was broken in the opposite direction with a strong upward impulse. The previous three local peaks failed to provide sufficient resistance, which resulted in a new annual high for ADA / USD.
Currently, the price is expected to experience a short term correction that will retest the previously mentioned resistance levels as support. Additionally, the several weekly rising trendline will likely provide additional support for ADA.
The best move right now, according to Cryptopolitan analysts, is to stay on the sidelines and wait for Cardano to have a confirmation withdrawal.