The post Cardano price prediction – Traders, how can you capitalize on ADA’s breakout? appeared on BitcoinEthereumNews.com.
ADA flashed strong bullish signals and seemed to be trading near a classic breakout pattern Derivatives data indicated rising trader interest, while critical support and resistance levels could quickly change ADA’s trajectory Cardano [ADA] registered a massive 270% rally between early November and early December, before reversing from its long-term trendline resistance. Despite this pullback, however, the altcoin’s price action remained well above its 20/50/200-day EMAs — Underlining a strong bullish edge. With the broader market sentiment still teetering, ADA’s near-term volatility could offer traders lucrative opportunities. Can Cardano maintain its bullish edge? Source: TradingView, ADA/USDT ADA has maintained a strong bullish sentiment by staying above its 20-day, 50-day, and 200-day EMAs— Reaffirming a strong bullish edge despite the ongoing consolidation. At the time of writing, the altcoin seemed to be trading near a classic bullish flag setup on its daily timeframe. A close above its $1.03 resistance could confirm this flag’s breakout. In this case, the bulls might eye the $1.21 zone, which sat near the long-term trendline resistance. On the other hand, a break below its $0.80 support could invalidate the bullish tendencies. A drop below this level may pull ADA towards its 200-day EMA ($0.62) and stall the uptrend. The daily Relative Strength Index hovered around the 52-mark at press time, alluding to mild bullish momentum. A sustained position above the midline can help buyers reclaim immediate resistance in the coming sessions. ADA’s 24-hour trading volume soared above $1.7 billion, marking nearly 12% price gains over the past day. Such volume upticks are typically ideal for short-term trading setups. Derivates data revealed THIS Source: Coinglass According to the latest data, ADA’s derivatives Open Interest rose by 16.63% to $739.86 million – A sign that new positions have been flooding the market. While the overall 24-hour Long/Short ratio…