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Cardano ADA price set to breach falling wedge pattern; bulls returning?

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Cardano ADA price hit its highest low of six-months in October’s first week; dropping is value to $0.0378.

At the time of writing, Cardano ADA price was changing hands at $0.0409, thereby registering a drop of a little over one percent (1.05) in the price chart of twenty-four.

Although there has been a decline in the value of Cardano since October 9, the key indicators pointed out that this may be bringing a bullish price action for the short-term.

Cardano ADA price short-term movement

Cardano 1Cardano ADA price chart by Trading View

The short-term chart indicated that Cardano price created a descending wedge pattern, which includes two lines that are converging with the lower highs at $0.0429, $0.429, $0.0421, and $0.0409.

While the lower lows converged that the descending wedge at $0.0411, $0.0407, and $0.0400. This formation of a descending wedge pattern is considered to be a good sign, as, most of the time, it is followed by a bullish breakout.

It is expected that the breakout would happen in mid-October, and the price could be breaching the resistance of $0.420.

The value of the altcoin was seeking to move over the moving average –ribbon in order to gain some bullish momentum. Increased volatility was suggested by the ema-ribbon, and it was possible due to the sudden increase in price on October 11.

Cardano 2Cardano ADA price chart by Trading View

The MACD demonstrated some bullish movement, though the MACD line could be in for a bearish crossover and which could turn out to be the fake breakout that was observed on October 11, given that the formation of the pattern and all other indicators were bullish.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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