To The Moon

Cardano

Moon

Resistance

strong bull

The post <a href="https://coinpedia.org/news/cardano-price-technical-pattern-repeating-10-times-signals-a-bullish-move-to-the-moon/">Cardano Price: Technical Pattern Repeating 10 Times Signals a Bullish Move To The Moon</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Altcoins are striving to recover losses and maintain their position as investors assess the current state of the market. Cardano’s ADA, currently ranked 10th, has declined by 2% in the past 24 hours and 3% over the last seven days. 
<a href="https://www.youtube.com/watch?v=Bji8L9KRSeE&amp;t=130s" target="_blank" rel="noreferrer noopener nofollow">Analyst Crypto Capital Venture</a> discussed a consistent pattern in <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noreferrer noopener">Cardano’s (ADA) price</a> movements, focusing on the 20-week moving average. Historically, whenever ADA enters the oversold territory on the stock RSI (a momentum indicator), it eventually moves up.&nbsp; 
This pattern has occurred around ten times, signaling major price movements each time. ADA is currently in the oversold territory again. If history repeats, it might soon test the 20WMA around $0.52.&nbsp; Breaking above this level could indicate the start of a new bullish cycle for ADA, similar to past cycles. 
<h2 class="wp-block-heading" id="h-short-term-price-analysis-nbsp">Short-Term Price Analysis:&nbsp;</h2> 
On the daily chart, there’s a potential bullish divergence on the RSI (Relative Strength Index), a momentum oscillator. This suggests that even though the price has been dropping, the momentum might be slowing down, indicating a potential bounce. 
<a href="https://www.youtube.com/watch?v=fod1KYEa2QY&amp;t=30s" target="_blank" rel="noreferrer noopener nofollow">He compared</a> current price movements to past patterns and noted similarities, suggesting we might see a similar structure and bottoming out soon. However, some sideways or downward movement could still occur before a significant upward move. 
<h2 class="wp-block-heading" id="h-critical-resistance-range">Critical Resistance Range:</h2> 
For a bullish scenario, <a href="https://markets.coinpedia.org/cardano/" target="_blank" rel="noreferrer noopener">ADA</a> needs to break above key moving averages: the 20-day around $0.41 and the 50-day around $0.44. The crucial range to watch is $0.45 to $0.48 for a bullish confirmation. On the weekly chart, ADA needs to get above $0.53 to indicate a strong bull market. 
There might still be some downward or sideways movement before a clear bullish trend emerges. If ADA can break above and maintain support at the key levels mentioned, it could signal the start of a significant upward trend. 
Also Read: <a href="https://coinpedia.org/news/cardano-moves-to-icc-prepares-for-chang-hard-fork/">Cardano Moves to ICC: Prepares for Chang Hard Fork</a>

Cardano Price: Technical Pattern Repeating 10 Times Signals a Bullish Move To The Moon

Table of Contents

CoinPedia News

Other articles published on Jun 27, 2024

Frontiers of Fortune: Meet the Trailblazers Redefining The Term Top Cryptos in 2024

Analyst Predicts Significant Dogecoin Surge

Polygon and Polkadot Take Backseat as Qubetics Whitelist Dominates Discussions

Unraveling the Mystery of Litecoin High Activity and Falling Prices

MoonBag Scales Up to the Sixth Stage of Presale Securing Top Meme Coin Presale in 2024

Ethereum bulls have a tough battle ahead: Will these key levels help?

Join our free newsletter for daily crypto updates!