Cardano breaks its downtrend convincingly, to reach $1.45 but could this be next
ambcrypto.comCardano formed a base of support at the $1.2 level over the past two weeks and broke past the $1.3 area that had offered the price a lot of resistance recently. This move also saw a longer-term trendline resistance, stretching back to early November, broken.
Technical analysis showed ADA to have strong bullish momentum on lower timeframes as the year drew to a close, although social media presence and sentiment were a bit bleak.
Source: ADA/USDT on TradingView
The downtrend (white) was broken and retested convincingly, and the pocket of former, short-term supply was also flipped to demand. The 21 SMA (orange) crossed over above the 55 SMA (green) on the hourly chart to show strong bullish momentum.
Fibonacci retracement levels plotted for ADA’s
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