Author: Content Editor
ADA, the native token of the Cardano blockchain, is showing signs of a potential breakout after trading sideways for a week. Technical analysis suggests that ADA has formed a bullish inverted head-and-shoulders pattern, which could propel its price to new highs and attract new investors. If ADA breaches the neckline of the pattern and closes above the $1.07 level, it could potentially see a 15% increase to reach $1.23, and even higher to $1.50. The altcoin's Relative Strength Index (RSI) indicates room for upward momentum, and on-chain data shows that whales and investors have been accumulating ADA. Traders also appear bullish, with the Long/Short ratio reflecting strong sentiment. At present, ADA is trading near $1.04, with a 2.5% increase in the past 24 hours.