Cardano Price Action Repeats Bullish Pattern, Targets $0.28899
Cardano's price action has been repeating a pattern that has played out four times before. ADA is currently trading at $0.22092, down 3.02% today, and pulling back into a falling channel.
This setup looks similar to the ones that preceded each of Cardano's recent rallies, with the price moving through a sharp impulsive rally followed by a falling channel where it cools off and consolidates before another impulsive move kicks the cycle off again.
The Relative Strength Index (RSI) is currently at 57.42, above the neutral 50 line and cooling off from a recent high without looking weak, which suggests that ADA is still in an uptrend.
If Cardano holds this channel and breaks higher like it has every time before, resistance sits first at $0.22964, then $0.25859, and $0.28899 further out.
The EMA cluster at $0.20229 to $0.21024 sits below as support, roughly where this channel would be expected to find its floor if the pattern holds.