Cardano (ADA), affected by the decline in Bitcoin (BTC), is approaching a potential breakout to reclaim $ 0.30.
The decline in BTC in recent days has caused a large amount of money outflow from altcoins. Altcoins that have been on the rise in the last few months have also experienced declines. However, these days when the declines are heavy and harsh, a potential upward signal has come for ADA.
ADA is approaching the top of a falling wedge that could work in the long term. A falling wedge means compression of resistance and support zones. This wedge generally works on a bullish basis.
Cardano (ADA) price is on the verge of a breakout
Cardano (ADA), which has been exhibiting price movement among the falling wedge for a long time, signals for a possible rise. ADA has reached the peak area of the falling wedge.
According to an analysis by CoinPedia, the rise for ADA could occur at any time. Continuing its price movement amid the falling wedge, ADA is spending time in the region close to $0.260. It is estimated that if this region is exceeded, the falling wedge will break and the rise will begin.
According to CoinPedia, if ADA breaks the falling wedge, it can rise above $0.30 with a 20 percent upside performance. Earlier, ADA bounced back from the resistance zone. Therefore, there is a possibility that ADA could pull back to $0.24, which is a key support point at the 50-day SMA. With the liquidation in this region, ADA may begin a rise towards $0.30.
Another piece of data came from whale wallets. Whale addresses holding ADA increased their supply from 28.82 billion ADA to 28.87 billion ADA. Whales, taking advantage of the ADA price movement, continue to accumulate.
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