Cardano Price Breaks Out of Falling Wedge, Eyes $3 Target
• Cardano price has broken out of a falling wedge pattern, reaching highs of $0.3460.
• The Moving Average Convergence Divergence (MACD) is signaling a buy signal and a steady bullish grip on Cardano price.
• Support is currently at $0.3000, with a potential for a massive breakout in the near future.
Cardano price has had an impressive start to the new year. After a breakout from a falling wedge pattern, the smart contracts token climbed to new highs of $0.3460, the highest it has been in 2023. After an initial surge in price, ADA has since retreated to $0.3150, possibly due to a spike in selling pressure as some investors book early profits.
The Moving Average Convergence Divergence (MACD) indicator suggests that buyers still have the upper hand and are not ready to let go of the aggressive approach witnessed in the last few days. The MACD (line in blue) flashed a buy signal on the 12-hour chart just before the New Year as it crossed above the signal line (in red). The momentum indicator sustained movement above the mean line hints at increasing buying pressure. Besides, the long green histograms cement the steady bullish grip on Cardano price.
Support is currently at $0.3000, with a potential for a massive breakout in the near future. However, if declines intensify, we could see ADA spiraling to $0.2700 and $0.2400, respectively. A breakout could possibly see Cardano price climb to $3 in the next bull market, with investors eagerly awaiting the potential for such an increase.
Cardano price continues to be one of the most promising tokens on the market today. As the smart contracts token continues to break out of its current patterns, it is becoming increasingly clear that its future is looking brighter than ever. With the current momentum and indicators showing a clear uptrend, it is highly likely that Cardano price will reach $3 in the near future.