Cardano [ADA] was one of the fastest-growing altcoins of the year, especially after the much-anticipated Shelley update. It witnessed a roller-coaster ride after Bitcoin’s route to new highs, which in turn, made ADA, the 8th largest crypto in the world in just a matter of less than a week after climbing from the 10th position of the crypto ladder. Furthermore, it projected gains of more than 412% year-to-date [YTD].
Over the past 24-hours, Cardano [ADA] witnessed a surge of 7.00% pushing the price of the coin to $0.167. At the of writing, the token registered a market cap of $5.22 billion and a 24-hour trading volume of $1.83 billion.
Cardano [ADA] Daily Chart:
For the most part of December, Cardano remained oscillating between the trendlines of a symmetrical triangle as depicted by the above daily chart. The outcome could be a potential break on either side. As the coin awaited clarity in terms of the direction, there were some levels of interest for a short-term pullback.
After mild bearish hints, ADA flipped right back up from the 50 DMA [Pink] while the 100 DMA [Purple] continued to tread well below the ADA price candles. The gauge between the two moving averages was seen rising which was a positive indicator.
Cardano suffered a minor pullback which triggered a bearish crossover in terms of MACD. However, the indicator was now hinting at a potential bullish crossover in the near-term which could push the price of the coin for an upside breakout.
Stochastic RSI suggested a rise near the overbought zone, which was another positive indicator for the coin. The RSI too was above the 50-median line depicting a sentiment of increasing buying pressure among the investors as the altcoin spot market jumped on the bullish bandwagon to reap the profits.
The above technicals for ADA indicated a bullish breakout on completion of the pattern formation as the bulls continued to aggressively defend the current price level.
For a bullish case, the levels to look out for were $0.172 and $0.182 respectively. In addition, the coin found significant support at points $0.149, $0.143, and $0.138.