According to the graphs, the price of Cardano, one of the remarkable altcoins, is in a parallel channel. Various indicators state that the digital asset is ready for a massive breakout towards $ 0.22.
The bulls have managed to secure several critical support levels and now seem ready to push ADA above a key resistance point.
Cardano Needed to Break $ 0.17 to Make a Massive Breakout
On the 4-hour chart, Cardano set up a parallel channel and the bulls raised the digital asset above the 50-SMA, 100-SMA and 200-SMA, returning all three to support levels.
At this point, the bulls seem to have the upper hand, but they still need to break the key resistance level at $ 0.173 before breaking. If the Cardano price could rise above this point, it would most likely rise to $ 0.22.
The most critical area appears to be the point between 0.166 and 0.17, which coincides with the upper trend line of the parallel channel and gives confidence to the bullish outlook. The bears must push the Cardano price below the three moving averages to have a chance to push ADA to the trend line below $ 0.13. An issue below this significant support level will reduce the digital asset to $ 0.1.