General News Price Analysis

Cardano Forms Bullish Pattern with 16% Potential Trade Plan, Analyst Confirms

Cardano ADA

Data from Coindesk and Coinmarketcap affirm that Cardano is retracing its path back on the upside trend. Even though a significant size of the market is already testing the greenish zone after a devastating nosedive yesterday, analysts have asserted that Cardano has formed a bullish pattern with great chances for a breakout.

Ever since early August the cryptocurrency tanked to its lowest against BTC, ADA has been trading relatively high against the Bitcoin.

Against the USD, ADA’s several attempts to stay above the EMA50 failed, making the 12th largest cyptocurrency nose-dive afterward. Nevertheless, Cardano has just returned on the upside trend, closing above the EMA10 with an attempt to challenge the EMA50.

At press time, a unit of Cardano trades above 0.00000505 BTC, and the RSI remains very strong. Analyst Alanmaster by name on TradingView posited that a strong rally above this point with good volume will indicate bullishness for ADA/BTC trading pair.

Alanmaster cardano price

Similarly, another reputable analyst on tradingview, after observing the ADA’s trend since June, analyzed the state of ADA/BTC trade pair on a triangle, confirming the possibility of the trade pair breakout.

second analyst Cardano price

Cardano exhibit Bullishness with 16% potential trade plan

Despite the fact that nothing clearly appeared to be behind the ongoing positive rally of Cardano, analysts remain bullish on the crypto asset.

According to an analysis revealing the time to buy or sell Cardano as published on TradingView, ADA’s fractal has already formed a bullish pattern with 16% potential trade plan in the near future.

Moons cardano bullish price

The analyst, with pseudo name moon333, proclaimed that ADA/USD trade pair has molded a bullish BAT pattern. With a graph chart, the analyst added that the PRZ line around $0.036 level should serve as the stop loss zone in a worst-case scenario.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

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