Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54?
2024-10-18

Cardano (ADA) is crucial following days of heightened volatility and excitement among crypto investors. While other altcoins have experienced significant pumps, Cardano has yet to see the same breakout, leaving analysts and traders searching for confirmation of a bullish trend. 
Despite the lack of a major move, optimism remains high for ADA as market watchers await a signal to ignite the rally.
Top analyst and investor Carl Runefelt recently shared a technical analysis suggesting that Cardano could be on the verge of a bullish rally, potentially pushing ADA to $0.54. 
This prediction has generated excitement within the Cardano community, but the next few days will be critical in determining whether ADA can follow through with a breakout. 
As the market remains volatile, traders will closely monitor Cardano’s price action for signs of a confirmed uptrend.
Cardano Holding Above Key Level
Cardano is trading above a key resistance level at $0.33, sparking optimism among analysts and investors. This crucial price point could be the springboard that propels ADA to new highs. 
Analysts in the crypto community believe that Cardano is poised for a breakout, and some expect a rally in the coming days.
Prominent investor and analyst Carl Runefelt recently shared a technical analysis on X, highlighting a bullish pattern forming on Cardano’s chart. According to Runefelt, if ADA manages to break this pattern to the upside, the next target could be as high as $0.54, representing a potential 58% gain from current levels. 
This prediction has generated excitement, as ADA holders are looking for signs of a sustained upward trend after a period of consolidation.
However, not all scenarios point to a smooth ride for Cardano. If ADA fails to break above this pattern, further consolidation or a potential correction could be on the horizon.
The $0.33 level is now a key marker for traders and investors to watch closely in the coming days, as it could signal the beginning of a major price move—or the continuation of a more uncertain path for Cardano.
ADA Technical Analysis
Cardano’s (ADA) price action has been underwhelming compared to other altcoins. Currently trading at $0.34, ADA has seen a 7% decline from its recent high of $0.37 set on Tuesday. Despite some volatility, the price remains below the critical 200-day exponential moving average (EMA) at $0.40, following a failed breakout attempt in late September.
For the bulls to regain control, ADA must reclaim the $0.40 level and push toward setting a new local high above $0.41. A breakout above these levels would signal a potential momentum shift and spark renewed optimism among investors.
However, exceeding the $0.34 mark could lead to further downside pressure. If this level is lost, a correction to lower demand areas around $0.30 is expected. Traders are watching closely, as this level could determine whether Cardano will continue to underperform or regain its footing in the market.
Featured image from Dall-E, chart from TradingView