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ADA set for a 70% spike as this pattern plays out

ADA set for a 70% spike as this pattern plays out

Cardano (ADA) is poised for a significant bullish rally, potentially spiking by 70%, following a confirmed breakout from a falling wedge pattern. 

This technical formation, often indicative of a bullish reversal, has garnered attention within the cryptocurrency community, signaling a promising upward momentum for ADA.

ADA reached a yearly high during the March bull run before descending into a falling wedge pattern. This pattern indicated a consolidation phase, which recently concluded with a bullish breakout.

Crypto analyst Captain Fabik, in an X post (formerly Twitter), highlighted the confirmed falling wedge breakout on ADA’s daily chart, with the token surpassing the crucial $0.407 price mark. 

The falling wedge pattern typically signals a bullish reversal, with the price converging between two downward-sloping trend lines before breaking out upwards.

Captain Fabik predicted a 72.84% surge from the breakout point, noting increased volume and positive momentum indicators that support the bullish breakout, providing additional confirmation.

Technical indicators and expert predictions

Market expert Jesse Olson also highlighted the pending buy signal on ADA’s daily chart, accompanied by bullish targets set for the token.

The bullish sentiment is further supported by several technical indicators, including a confirmed bullish divergence, an RSI buy signal, and a MACD bullish crossover on the daily chart. These indicators collectively suggest strong upward momentum for ADA.

The confirmed breakout from the falling wedge pattern, coupled with positive volume and momentum indicators, provides a solid technical foundation for ADA’s bullish outlook. Captain Fabik’s analysis emphasizes the significance of the $0.407 price mark, suggesting that surpassing this level could lead to substantial gains.

Upcoming network upgrades

Adding to the optimism is the upcoming Cardano Chang Hard Fork, set to introduce new governance features, including decentralized voting and treasury management. This upgrade is part of Cardano’s Voltaire phase and marks a crucial milestone in Cardano’s development, potentially boosting investor confidence and price.

The optimistic market sentiment surrounding ADA, driven by the confirmed breakout and upcoming network upgrades, suggests strong market confidence in ADA’s upward potential.

Additionally, ADA Open Interest (OI) has jumped 3.5% in the last 24 hours, indicating bullish sentiment among traders.

ADA 7-day price chart. Source: Finbold

At press time, ADA is trading at $0.40, with a 2% decline on the daily chart. Investors and traders should consider entering positions at the current price of $0.40, taking advantage of the confirmed breakout and bullish sentiment.

Potential pullbacks to support levels around $0.407 could provide additional entry points. With a projected upside of 70%, targeting $0.704, ADA presents a compelling investment opportunity.

Investors and traders should consider entering positions at current levels with a cautious approach. The bullish sentiment, coupled with ecosystem developments, suggests a promising outlook for ADA in the coming months.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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