Cardano Breaks Out Of Crucial Pattern And Will Target 20% Up

BITTREX:ADAUSD   Cardano / US Dollar
The weekly technical chart of Cardano highlights a positive trend built by the coin. A sudden spike in price movements can be seen from Jan 3. A bullish Pennant pattern is formed on Tuesday's trading session. ADA successfully broke out of that pattern for an up move with the resistance zones placed at R1 $0.1881, R2 $0.19716, R3 $0.2115 and the following support zone of $0.1608.

The Supertrend indicator indicates a buying signal on Jan 3. Until now, the trend remains Bullish .

The Moving Average Convergence Divergence ( MACD ) is very close to the signal line indicating a buying signal can be formed soon in the coin. The histogram will also start to form green bars after the crossover.

Meanwhile, the Relative Strength Index ( RSI ) with a value of 65 indicates that the coin is in an uptrend and should move soon to the overbought zone.
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