Cardano

Cryptocurrency

Rally

<ul> 
 <li>Cryptocurrency trader Gareth Soloway suggests a potential breakout rally for Cardano token ADA.</li> 
 <li>Soloway warns of the possibility of more downsides.</li> 
 <li>ADA is forming a long-term wedge bottom, indicating a trend reversal.</li> 
</ul> 
<p>A popular cryptocurrency trader is pointing to the potential for a breakout rally in the battered <a href="https://thenewscrypto.com/?s=cardano" target="_blank" rel="noreferrer noopener">Cardano</a> token ADA. But he cautions that more downsides could still be ahead.</p> 
<p>In a recent <a href="https://twitter.com/GarethSoloway/status/1715701332479287414" target="_blank" rel="noreferrer noopener">tweet</a>, trader Gareth Soloway highlighted a bullish chart pattern developing for ADA. The token appears to be forming a long-term wedge bottom, which could signal a trend reversal after a prolonged slump.</p> 
<p>“Potential breakout on $ADA out of a long-term wedge,” Soloway tweeted. “Beaten down and due for a bounce.”</p> 
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   <p lang="en" dir="ltr">Potential breakout on <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> out of a long-term wedge. Beaten down and due for a bounce. First minor resistance at $0.27, then $0.30. Doesn't mean a bottom is in (we don't know that yet), but should give some short term relief from the bear market. Breakout negated on any daily… <a href="https://t.co/HLKeiHqGUL">pic.twitter.com/HLKeiHqGUL</a></p>— Gareth Soloway (@GarethSoloway) <a href="https://twitter.com/GarethSoloway/status/1715701332479287414?ref_src=twsrc%5Etfw">October 21, 2023</a>
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<h2 class="wp-block-heading" id="h-cardano-is-showing-signs-of-life">Cardano is showing signs of life</h2> 
<p>Cardano’s ADA token has plunged over 90% from its all-time high of $3.10 last year. But according to Soloway, it’s showing signs of life after carving out a falling wedge formation on its chart.</p> 
<p>Typically, falling wedges precede upside breakouts and trend reversals. Soloway notes that the first level of resistance sits around $0.27, followed by $0.30.</p> 
<p>A break above those levels could trigger a relief rally for the battered token. Short sellers piling in at lower prices could get squeezed out if buy volume ramps up.</p> 
<p>However, Soloway cautions that no definitive bottom is in place yet for ADA. The breakdown of the wedge pattern with a daily close below $0.24 would invalidate the bullish setup.</p>

Cardano: Trader Eyes Potential Relief Rally for ADA

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