- Analyst Ali tweeted that a classic head and shoulders pattern has formed on ADA’s daily chart.
- The trader added that ADA’s price could break out to $0.60 if the pattern is validated.
- At press time, the price of ADA is down 0.74% after dropping in the last 24 hours.
Crypto trader Ali (@ali_charts) tweeted his optimistic analysis for Cardano (ADA) yesterday afternoon. In the tweet, Ali shared that a classic head and shoulders pattern has formed on ADA’s daily chart. The trader concluded the tweet by stating that ADA’s price could make a move to $0.60 if the bullish pattern is validated.
Head and shoulders pattern on ADA’s daily chart (Source: Twitter)
At press time, CoinMarketCap shows that the price of ADA printed a 24-hour loss of 0.74%. In addition to weakening against the Dollar in the last 24 hours, ADA also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.78% and 0.25% respectively. As a result, ADA’s price currently stands at $0.377.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price broke below the wedge pattern established on its daily chart on Monday, but the move’s momentum was quickly put to rest as bulls stepped in to boost ADA’s price in the hours that followed.
The altcoin’s price then soared to above the wedge chart pattern, and was able to break past the upper bound of the consolidation channel between $0.3504 and $0.3769 in the last 24 hours – where it continues to trade at press time.
ADA’s price may retrace in the next 24 hours with the release of U.S. macroeconomic data happening later today.
Should the data negatively impact ADA’s price, then the altcoin could see its price drop back into the previously mentioned consolidation channel. On the other hand, a close above $0.3914 in the next 24 hours will see ADA’s price continue to rise in the next 24-48 hours.
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