Cardano Bulls Eye $0.50 Bounce as Altcoin Breaks Out of Descending Channel
Cardano's (ADA) bulls are optimistic about a potential price bounce to $0.50, according to technical analysis.
Lana Valentis states that 'the first bounce from a broken descending channel is complete with consolidation above $0.19 support', and the second bounce depends on breaking through the confluent resistance at $0.24.
Since Cardano has broken out of its descending channel, there are five near-term price targets in place: sustaining above $0.19 would lead to higher targets of $0.29, $0.39, and potentially up to $0.95.
The derivatives market data shows a bullish sentiment around the altcoin's rebound, with Cardano's (ADA) long versus short ratio still leaning on the bearish side at 0.9512, but retail traders are optimistic about its price ascension.