• Cardano looks like it’s about to make a significant move soon. Here are three technical indicators to watch: an ascending triangle, MACD bullish crossover, and resistance under pressure.
• If the buyers manage to break above $0.30, then ADA is likely to explode and target the next resistance at $0.32.
• The bias for ADA is neutral right now but can quickly turn bullish if the key resistance is broken.
Overview of Cardano
Cardano (ADA) looks like it’s about to make a significant move soon as there are three technical indicators that suggest a possible breakout above the resistance at $0.30. This article provides an overview of these indicators and their implications on Cardano’s price action.
Ascending Triangle
The price action of this cryptocurrency has formed a clear ascending triangle, as highlighted in the below chart. This makes a possible breakout above the resistance at $0.30 likely since the price is being compressed at the apex of this formation and will have to decide fairly soon on the way forward.
MACD Bullish Crossover
The 3-day MACD of Cardano shows that a bullish crossover may happen this week which would increase the probability of breaking out from above $0.30 even further. On the daily timeframe, the MACD is already positive, which gives bulls an advantage right now over bears in terms of power struggle for control over prices direction in near future timeframes .
Resistance Under Pressure
The resistance at $0.30 has kept ADA from moving higher in June but July appears more promising as buyers seem determined to make their third attempt towards pushing prices higher by breaking free from this key level .
Bias for ADA
The bias for ADA is neutral right now but can quickly turn bullish if buyers successfully break above $0