• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
Cardano, ADAUSD, ADAUSDT, ADABTC, cryptocurrency
Advertisement

Cardano (ADA) Set to Hit $1.50 on Classic Triangle Breakout Pattern

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Key Cardano Takeaways

  • Cardano’s ADA, now the third-largest cryptocurrency by market capitalization, maintains its top rankings as it sustains its uptrend three days in a row.
  • The ADA/USD exchange rate’s uptrend comes as a breakout-move of its previous Descending Triangle range.
  • That raises the pair’s potential to hit $1.50 in the coming sessions.

Ethereum’s top rival Cardano is on a tear.

The blockchain platform’s native asset, ADA, surged by up to 52 percent after bottoming out near $0.95 at the beginning of this week. As of Wednesday, the token has formed an intraday high of $1.45 before correcting mildly lower to the $1.35-1.44 range during the Asia-Pacific session Thursday.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Traders flocked into the Cardano market after Bitcoin started correcting lower upon establishing its record high above $61,000.

ADA offered an ideal refuge against the top cryptocurrency after its listing on Coinbase Pro, a US-based digital assets trading platform. More bullish tailwinds for ADA came from the ongoing craze surrounding non-fungible tokens, or NFTs. Cardano allows users to create the said assets on its blockchain following its latest “Mary” upgrade.

$1.50

Technical indicators added to the bullish confluence. The ADA/USD exchange rate’s latest move upside had it broke out of a Descending Triangle. Traders see the said structure as a bullish continuation pattern, primarily if the downside consolidation occurs after a strong move upward. ADA was trading higher before forming the Triangle.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Cardano, ADAUSD, ADAUSDT, ADABTC, cryptocurrency
Cardano breaks out of its Descending Triangle pattern. Source: ADAUSD on TradingView.com

Typically, a breakout move emerging out of a falling triangle structure leads the asset higher by as much as the maximum distance between the structure’s upper and lower trendline. In ADA’s case, the length spans about $0.47. If one adds $0.47 to the level from where the token has broken the Triangle, then the breakout target comes near $1.50.

“It is essential to note that the bullish outlook has been validated by the Moving Average Convergence Divergence (MACD),” said analysts at CoinGape, a crypto-focused YouTube channel. “The trend momentum indicator has crossed into the positive region, suggesting that the least resistance path is upward.”

“Besides, the MACD line leads the way above the signal line, which is another bullish signal,” they added.

Risks

On the flip side, the ADA/USD’s Relative Strength Indicator on the four-hour chart has entered the overbought territory. That increases the pair’s likelihood of correcting lower to neutralize short-term buying sentiments. Should a correction appear, Cardano risks correcting to its flipped resistance area of $1.26-1.29.

Meanwhile, fundamental risks also threaten to reverse ADA’s bullish course. The Cardano token has rallied majorly because of its rival Ethereum’s limitation as a blockchain project. The latter suffers from higher gas and transaction fees issues but remains committed to solve it by the end of this year through a long-awaited protocol upgrade from proof-of-work to proof-of-stake.

One industry observer commented that he still has to see a single popular application operating atop the Cardano blockchain, unlike Ethereum, which boasts about projects like Tether and UniSwap. That makes ADA’s latest gains more speculative, prone to wavering.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin Mining

Bitcoin Mining Could Help Scale Solar Power, Report Reveals

10 mins ago
Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

3 hours ago
Bitcoin US debt ceiling

Bitcoin Price Can Soar Above $25,000 Due To Debt Ceiling Debacle – Here’s How

6 hours ago
Bitcoin

Bitcoin Spot Volumes Remain Elevated Despite Price Stalling

1 day ago
Tesla

Bitcoin Crash: Tesla Suffers $140 Million BTC Loss, SEC Filing Shows

1 day ago
Bitcoin bull

Is $1 Million Possible For Bitcoin? Here’s What This Analyst Thinks

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The Premier League Welcomes Ethereum and Big Eyes Coin...

    4 hours ago
  • Why $21 Million Strong Presale Big Eyes Coin Is Here To...

    4 hours ago
  • Aave (AAVE) And FTX Token (FTT) Remain Stable, Orbeon...

    9 hours ago
  • Elon Musk Wants McDonald’s to Accept Crypto Payments...

    10 hours ago
  • North Korea Hackers Strike Axie Infinity (AXS) &...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.