Is Cardano finally about to breakout? Charts pointing to a huge rally soon

Is Cardano finally about to breakout? Charts pointing to a huge rally soon

In the last few days, Cardano has been on a tear. After starting June at about $0.14 per ADA token, September saw a huge increase in price as it rose to around $0.24 by August 1st and is now sitting just below the all-time high of 0.25 set back in December 2017

The “coingape” is a website that provides cryptocurrency news and charts. The site has recently been pointing to a huge rally soon for Cardano.

Is Cardano finally about to breakout? Charts pointing to a huge rally soon

Cardano (ADA/USD) may have finally produced the long-awaited breakthrough that investors have been expecting for for many months after falling behind on gains this month. On Tuesday, ADA was up more than 9%, and volumes were also up significantly. After months of consolidation, ADA might see a massive comeback in the next weeks, but is it too late to buy after Tuesday’s 10% gain?

 

What the graphs are pointing to –Is Cardano finally about to breakout? Charts pointing to a huge rally soon

 

 

 

  • Since September, ADA has been trading in a band of $2 to $2.3, so if it can break out now, some large objectives might be met shortly. Because the barrier has been demonstrated to be so powerful, $2.3 will serve as a significant zone of support after the breakthrough.

  • ADA is already up over 13% this week and has ended in the green practically every day, so a slight reversal might be on the way.

  • On Tuesday, there was also a volume rise, indicating that the breakout would be significant and that the odds of a false breakout are slim.

  • ADA has created strong bullish candles and seems to be highly bullish in the next weeks, with a break out possible at any moment.

  • Investors should remember, however, that an entrance should only be made after the breakout since an early entry might be quite dangerous; consequently, an entry can be made after the $2.3 zone is breached.

  • On Thursday, the RSI was in the overbought zone, thus a modest retracement may be expected before a breakthrough.

  • ADA might set a goal of $2.82, or possibly establish a new all-time high, very soon.

  • At $2.03, a stop-loss may be placed below the zone.

 

 

Conclusion

 

Cardano seems to be on the upswing in the next weeks, and it might achieve some major milestones shortly.

However, before investing in Cardano, investors must be patient and wait for a definite breakout, as well as establish a stop loss below the zone. Cardano’s fundamentals are also quite robust, therefore it has some very attractive long-term ambitions.

Is Cardano going to break out? appeared first on Bitcoinist.com. The post The Home of Altcoins: All About Crypto, Bitcoin, and Altcoins | Cointext.com: Charts Pointing to a Massive Rally Soon appeared first on The Home of Altcoins: All About Crypto, Bitcoin, and Altcoins | Cointext.com.

The “will cardano reach $10” is a question that has been asked many times. Cardano has been on a rollercoaster ride for the past few months, but it seems like the coin might finally be about to breakout soon.

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