CandleFocus Cardano (ADA) Cup and Handle pattern forming; Rally imminent?
2024-10-22
Author: Content Editor
The Cardano (ADA) cryptocurrency has been in a downtrend since March, losing its position in the top 10 cryptocurrencies by market cap. However, it has seen some promising developments, such as a significant increase in smart contract capabilities. Recently, a technical analysis suggests that ADA could see an upward swing soon, as it entered a cup and handle chart pattern. While the pattern has formed relatively quickly, there is still a possibility it could play out. One trader has set a stop loss and take profit target, while other analysts believe ADA could reach as high as $5 in the long term. The outcome remains uncertain as recent hourly candles on the chart have been bearish.
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