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Rounding bottom for Cardano teases a breakout run in the 1-hour chart for a bigger run ahead. Will Cardano hit $0.50 as the buyers resurface?
Cardano, the fifth biggest layer-1 altcoin per market cap, teases a bullsih revival as the broader market remains indecisive. Currently trading at $0.3335 with a 3.80% jump in the last four hours, teasing a comeback rally ahead. With a surge in demand, the ADA price trend teases a breakout entry for sideline traders ahead.
Bullish Uprising in a Falling Channel
In the 1-hour price chart, the Cardano price action reveals a falling channel pattern, accounting for a price drop of 9.59% in 5 days. Further, the bearish channel starts from the peak of $0.3565, and the recent bearish bottom formation takes support at the $0.3223 level.
Taking support from the bullish trend line, the Cardano price action reveals a double-bottom reversal, resulting in a massive uptrend. Over the past 4 hours, the Cardano price has increased by 3.80% and maintains a streak of 4 bullish candles.
With the increasing surge in bullish momentum, the MACD indicator shows a bullish crossover with a surge in positive histograms. Furthermore, the 1-hour RSI line reveals a positive trend following the bullish divergence, surpassing the halfway line. Hence, the momentum indicators support the surge in positive trends.
Will Cardano Hit $0.50?
As the bullish uprising picks up pace, the Cardano price action reveals a rounding bottom pattern in the 1-hour chart. Furthermore, the bullish uprising is challenging the overhead resistance trendline, increasing the possibility of a bullish breakout.
Based on the Fibonacci levels, the uptrend in Cardano surpasses the 38.20% Fib level at $0.3345. After asserting dominance over the $0.3293 or the 23.60% Fib level, with a potential bullish breakout, the Cardano price is likely to surpass the $0.35 peak.
Using the Fibonacci level, the 1.618 Fibonacci level at $0.3785 is a potential target in the short-term price trend. However, if the momentum is sustained over a longer period of time, it will result in a domino effect of a bullish recovery. Over a broader horizon, bullish powers tease a potential target of $0.50 with multiple resistances like $0.4141 and $0.4497 along the way.