Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA. Cardano price awaits an expansion as buyers re-enter an accumulation phase before breaching a crucial overhead barrier. Cardano price to pullback before catapulting higher Cardano price is traversing an ascending triangle pattern formed when multiple higher lows and a series of highs are connected using trend lines. In this setup, buyers aggressively bid up the ADA price creating higher lows, while a cluster of sellers at $1.48 absorb this momentum which produces swing highs. A bullish breakout will occur when the sellers lose steam resulting in a surge higher. In Cardano’s case, the 48% upswing is determined by measuring the distance between the first swing high and low and adding it to the breakout point at $1.48. This move places the ADA target at $2.16. At the time of writing, the so-called “Ethereum killer” created another swing high as it failed to breach the triangle’s base. Interestingly, the Momentum Reversal Indicator (MRI) flashed a cycle top signal in the form of a red-one candlestick on the 12-hour chart. This technical formation projects a one-to-four candlestick correction. The retracement will likely end around the MRI’s State Trend Support at $1.34, coinciding with the short-length, 25 Simple Moving Average (SMA). A breakdown of this wouldn’t necessarily affect the upswing and would find stable grounds for a reversal around the triangle’s hypotenuse at $1.26, which coincides with the long-length 50 SMA. Therefore, investors can expect an upswing to emerge at $1.34 or $1.26. ADA/USDT 12-hour chart On the flip side, if the sellers’ ask orders dominate, the trend line connecting the swing lows could be breached. In such a scenario, market participants should expect a swift correction to $1.20. If Cardano price breaches $1.15 and continues to descend, the bullish thesis will face invalidation and result in an 11% correction to $1.03. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next BOK’s Lee: Will maintain accommodative monetary policy stance FX Street 2 years Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA. Cardano price awaits an expansion as buyers re-enter an accumulation phase before breaching a crucial overhead barrier. Cardano price to pullback before catapulting higher Cardano price is traversing an ascending triangle pattern formed when multiple higher lows and a series of highs are connected using trend lines. In this setup, buyers aggressively bid up the ADA… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.