- ADA price has been in a macro WXY correction, a bullish long-term reversal pattern.
- ADA is currently trading at near $0.87, and the coin has support at $0.865 and resistance at $0.890.
- The technicals demonstrate RSI higher than 50 and flat MACD, indicating a possible breakout.
Cardano price native token ADA is on the cusp of a long-term bullish setup that could trigger a 740% price rise. Inputs from current conditions in the market as well as technical indicators indicate ADA could be on a drive toward $8 in the next cycle, reflecting past price movements that happened during past bull runs.
ADA Price Breakout Patterns Support a Macro Bullish Trend
ADA price appears to be forming a long term bullish structure which could culminate in a significant price breakout. Analysts Javon marks expected that token could see price go up over 740% to $8 in multi year move.
ADA price chart shows that this structure was forming since its 2018 high. The price has displayed corrective and impulsive waves since then. As of late 2023, a double WXY correction that commenced in 2021 may be over.This pattern aligns with accumulation periods that often precede strong upward trends.
A prominent trendline from the 2018 to the 2021 highs is once again on focus. ADA price action is seen coming close to this line once more according to ADA price current price movement. If it manages to break over it, the first place to aim for could be around $3.50 to $4.00.
Source: Javon Marks/X
According to Elliott Wave analysis indicates that ADA price now may be experiencing Wave 3 or Wave C. These kinds of waves tend to result in strong rallies. Analyst Javon Marks, however, notes that this positioning backs a longer-term bearish case.
ADA price is currently trading at around the mark of $0.8761. The price had gravitated in the range of $0.8550 and $0.8900. The indicators depict that RSI is increasing above 50 and macrodisplacement of MACD is low which can prevent breaking out.
Mixed momentum is depicted by Candlestick signals. Bearish Engulfing patterns are seen close to resistance, and Bullish Engulfing patterns close to $0.865- equilibrium suggest buying pressure. The indecision is also a clue to Doji candles in this zone.
A rise to beyond $0.890 will point to a short-term objective at around $0.905. A fall below the support at $0.865 may carry the price to $0.850. However, recent lower highs indicate firm support.
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