Petrobras News Boosts Cardano Price, But Will It Reach $0.3132?

The Cardano (ADA) price has been on an upward trend, and traders are wondering if the recent news from Petrobras could push it to $0.3132.

A news report from BeInCrypto states that Petrobras and the Cardano Foundation are working together on two blockchain projects to track renewable fuel data. This collaboration has already led to a 3% increase in ADA's price.

The technical analysis of the chart shows that ADA is currently trading inside an ascending channel, with higher lows along the lower line and higher highs near the upper one. If the price closes above $0.2655, it could break through the channel and reach $0.3132, which is 23.79% above the current market price.

However, there are also risks associated with this breakout, such as liquidation wicks that can poke through a level and snap back. Additionally, the news pop from Petrobras could fade if buyers do not follow through.