Waiting for a big move on the crypto charts these days?
Check out this potential bullish triangle breakout on Cardano!
Here are the levels to keep close tabs on:
Cardano (ADA/USD): 4-hour
Cardano (ADA/USD) 4-hour Chart
Cardano has been stuck inside a descending triangle pattern for the past couple of months, but it looks like it could bust out pretty soon!
Price is already testing the triangle resistance, so I’d stay on the lookout for bullish candlesticks right here. After all, a break higher could spur a rally that’s the same height as the chart pattern.
Technical indicators are giving mixed signals, with the 100 SMA hovering above the 200 SMA to reflect bullish pressure and Stochastic lookin’ ready to turn lower.If the triangle top continues to hold as a ceiling, ADA/USD could slump back to the bottom or at least until the dynamic support levels at the moving averages.
Judging by the higher lows since mid-July, the anticipation for the Vasil hard fork seems to be building again, as this would probably be one of the most significant network updates for Cardano.
Don’t forget that ADA/USD hit its all-time high just before its previous Alonzo hard fork, so Cardano bulls can’t help but be excited for this next one. Some are even pointing out that whales might be responsible for the sharp bump higher in ADA volumes lately!
It’s worth noting that there have been plenty of kinks and delays with Vasil, though, so the team has postponed the update from its original June 29 release.
According to Cardano’s core technology program manager Javier Franco, the team wants to ensure a “smooth process” and that “things are done right” even if it means a delay in the launch date.
In any case, stay tuned for any make-or-break updates on the Vasil hard fork!
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