Yesterday afternoon, renowned crypto trader Ali (@ali_charts) shared an optimistic Twitter analysis for Cardano (ADA). According to Ali, a classic head and shoulders pattern has emerged on ADA’s daily chart, indicating a potential bullish trend. The trader confidently stated that if this pattern is validated, ADA’s price could soar to $0.60. This insightful analysis showcases Ali’s expertise in the crypto trading world and provides valuable insights for investors.
According to the latest update from CoinMarketCap, ADA has experienced a 24-hour loss of 0.74%. Unfortunately, this decline is not limited to the Dollar, as ADA has also weakened against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), by 2.78% and 0.25%, respectively. As a result, ADA’s current price is now at $0.377.
On Monday, ADA’s price experienced a break below the established wedge pattern on its daily chart. However, the momentum of this move was swiftly halted as bullish investors intervened to elevate ADA’s price in the following hours.
The value of the altcoin has experienced a significant surge, surpassing the wedge chart pattern and breaching the upper limit of the consolidation channel, which ranges from $0.3504 to $0.3769, within the past 24 hours. As of now, the altcoin is still trading within this range.
As the U.S. macroeconomic data is set to be released later today, a retracement in ADA’s price is possible within the next 24 hours. It is important to watch the market and make informed decisions based on the latest developments.
If the data hurts ADA’s value, the altcoin may experience a price decline, returning to the consolidation channel mentioned earlier. Conversely, if ADA surpasses the $0.3914 threshold within 24 hours, its value will likely ascend over 24-48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
