There seems to be no end to Cardano’s upward trend. Since its low of 22 cents, the price has already risen 190%, making this coin a great investment. As of today, the price has risen again from a positive pattern and the increase appears to be continuing. How long will it take for Cardano to trade above 70 cents again? In this analysis we discuss the trend of this coin and use various charts.
The 4-hour chart: breaking a bullish pennant
In the chart below you can clearly see that the price is making higher lows and higher highs around the same level. This allows us to distinguish a bull streamer. This bullish pattern, as the name suggests, usually shows a bullish breakout. As of today, the price is above this pattern, and this is how the breakout actually occurred.
However, it is important to remain cautious. We are still waiting for the final confirmation of the daily candle. What we would like to see now is for the daily candle to close above this pattern to avoid a false breakout. If this fails, the price will return to the default value.
The price is still well above the 20-day EMA and in bullish times this is very important for the trend. So if we return to the pattern but stay above the indicator, it is still very reasonable to expect a green recovery. If we stay below the indicator, Cardano’s uptrend will end. So keep an eye on that. The pattern and indicator are crucial for the trend in the coming days and weeks.
Time for a higher low for ADA/BTC
As usual, I also regularly include the ADA/BTC ratio in my Cardano analyses. This helps assess Cardano’s position against Bitcoin. There is a clear picture of which currency is currently the best investment.
The price of this review broke out of a months-long downtrend a few weeks ago and shot up. This means that Cardano has outperformed Bitcoin in recent weeks.
We now want the price to establish a healthy uptrend, which is achieved by creating higher highs and higher lows. Now that we have reached a higher high, a correction is likely to occur soon. According to the chart, when this drop occurs, it will be a favorable time to exchange your Bitcoins for ADAs.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
