Price Analysis

Cardano Flashing Extreme Bullish Signals, ADA Price Primed to Hit $0.58 by this Weekend!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 22, 2022

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Cardano‘s price for a pretty long time is attempting to break above the $0.5 levels but failing profusely. Moreover, the depleted volume also raises concerns about the upcoming rally as the trade set-up may appear to be pretty bearish. But the ADA price is secretly signalling a huge bullish signal that may uplift its price by more than 10% to 12% in the next 36 to 48 hours.

The ADA price after flipping from the lower support multiple times has now formed a significant bullish pattern. The inverted head and shoulder pattern could be much in place if the price hovers according to the current trade setup. However, the chances of a significant upswing are pretty high as the prices remain higher than the recent lows at $0.42.

Also Read: Avalanche(AVAX) & Polygon (MATIC) Prices, both Plunge Close to 8%, When Will Bulls Reclaim Their Position?

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Source: Tradingview

As long as the ADA price remains above the level of around $0.42, the asset may be presumed as bullish. As mentioned above, the asset is displaying notable chances of forming an inverse H&S pattern and in case of a pullback, the asset is required to sustain above the blue area between $0.47 & $0.48. Therefore, the price may leap long to achieve $0.58 levels as the asset breaks the neckline at $0.5135. 

On the contrary, if the Cardano (ADA) price fails to range within the pattern, the possibility of the asset plunging heavily emerges. In such a case, the price may again test the lower bottoms close to $0.43 and attempt for a rebound. However, the much-awaited Vasil Hard fork is around the corner and a significant bullish momentum is expected to accumulate as it goes live in the last week of June. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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