Cardano On Fire! Get ready for the rising trend
Cardoan (ADA) seems ready to enter a new uptrend after breaking out of a month-long consolidation pattern.
This uptrend is reported to have been driven by strong fundamentals and drastically increased buying pressure.
New traders and investors hit the $2.80 target on the ADA as they saw the potential cycle.
Cardano ready to soar
Cardano looks ready to run after overcoming a significant resistance barrier.
It seems that Adana's new partnership with Elrond could encourage investors to jump back into the ADA market.
Plus Cardano's decentralized stablecoin has made EGLD one of their first cross-chain assets.
EGLD will guarantee stablecoins on other platforms by bridging the two ecosystems.
The goal is to enable interoperable token transfers as well as cross-chain smart contract functionality.
While Cardano's network utility has really grown, ADA looks set to skyrocket even higher.
The fourth largest cryptocurrency by market cap also appears to have exited the symmetrical triangle on its four-hour chart.
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Even though Cardano has jumped nearly 6% since the last breakout, ADA still has more room to go up.
And as seen in the chart below, the height of the (y) axis of the triangle indicates that ADA could jump another 19% from its recent high to hit the $2.83 target.
Cardano's transaction history shows that the asset does not face any significant resistance in the future that could prevent it from reaching its upside potential.
What Happens Next?
The only sizable supply zone was between $2.46 and $2.53, where nearly 70,000 addresses had previously purchased 1.12 billion ADA.
Once this level has been successfully completed by ADA, it is highly likely that the price will be able to go higher.
It should be noted, however, that Cardano is above steady support as more than 160,000 addresses bought 6 billion ADA for an average price of $2.20.
The odds will continue to support gains as long as this demand barrier persists.
However, a sudden drop below $2.20 could lead to panic selling, pushing the price to $1.90.
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