The cryptomarkt shows carefully recovery. Despite the ongoing uncertainty surrounding the global trade war, analyst Thomas Anderson sees opportunities for Cardano (ADA). According to him, the crypto coin is getting ready for a promising next step, with a view of a possible outbreak.
Course graph shows Bullish Signals
Anderson sees clear instructions for a possible upward outbreak in the price chart of ADA. The currency forms higher soils on the 4-hour graph, which indicates increasing purchasing pressure and decreasing sales pressure. This indicates that confidence among investors is slowly returning.
Although a downward outbreak is still technically possible, the analyst regards this pattern as a consolidation phase with a chance of a bullish breakthrough.
Resistance to $ 0.70 is crucial
Ada manages to break the resistance around $ 0.70 and to rise above the 200-day progressive average (200-MA), then Anderson can open the door to a strong price rally. He even speaks of a “powerful upward movement towards new peaks”.
Still, caution remains required. If ADA is unable to quickly recover over the support zone around $ 0.63, then a relapse to $ 0.60 or even $ 0.58 threatens. According to the analyst, that level is crucial not to lose the upward momentum.
Decisive days before Cardano
For those who follow Cardano closely, this is such a classic time. If the course breaks through the resistance, a sturdy increase is within reach. But Ada drops under the support, then current optimism can quickly change. In the coming days, the continuation of Ada’s price trend can therefore be decisive.
Source: https://newsbit.nl/cardano-ada-koers-staat-op-het-punt-van-uitbraak-zegt-analist/
