Cardano Price Breaks $1 Barrier After 22% Weekly Surge
Cardano’s price has increased by 22% over the past week, allowing it to break out of a previously established symmetrical triangle pattern. This double-digit gain pushed the price of ADA above the $1 resistance.
ADA is likely to extend its rally in the near term as demand for the altcoin continues to grow. That’s why.
Cardano demand surges
Due to wider market consolidation, ADA trading price A symmetrical triangle is formed between December 3rd and January 15th.
A symmetrical triangle is a pattern that forms when an asset price consolidates with a series of lower highs and higher lows to form a triangle. It often marks a period of indecision in the market and often precedes a breakout in the direction of the previous trend.
However, as demand strengthened over the past week, ADA’s price managed to break above the upper limit of the pattern during Thursday’s trading session. This breakout signals a positive shift in market sentiment, suggesting that buying pressure has begun to outweigh selling activity.
of coins Relative Strength Index (RSI) This growth in demand is confirmed. As of press time, the indicator is in an upward trend and sits at 62.09.
this relative strength index This indicator measures oversold and overbought market conditions for an asset. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and in need of a correction. Conversely, values below 30 indicate that the asset is oversold and may be due for a rebound.
ADA’s RSI is 62.09, indicating moderately strong bullish momentum, suggesting the asset is trending upward but is not yet overbought.
Additionally, data from the Elder-Ray Index supports this bullish outlook. At press time, it was back at a positive value of 0.18, indicating strong buying pressure and confirming the bullish sentiment in the market.
ADA Price Prediction: $1 Level Is Key
ADA is currently trading at $1.12just above the $1.03 resistance level formed by the upper line of its symmetrical triangle. As demand for the altcoin continues to grow, a successful retest of this breakout line would turn the $1.03 price level into support, pushing ADA to a 30-day high of $1.34.
However, a failed retest results in ADA price falls back Within the symmetrical triangle to $0.94.
Disclaimer
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