Cardano investors, watch out for this breakout on ADA’s price chart!

Cardano [ADA] bulls have made a comeback lately, as both the token’s daily and weekly charts were green at press time...

Most metrics and indicators seemed to be in favor of a bullish breakoutbulls have made a comeback lately, as both the token’s daily and weekly charts were green at press time. In fact, if the latest data is to be considered, things might get even better for the token as a bullish pattern seems to be appearing on its chart. The prospective rally might then push ADA’s price up by double digits.Cardano has lost a significant percentage of its market capitalization over the last few months.

ADA started to consolidate inside this pattern in mid-April. It has now tested its support, and the recent price uptick hinted at a breakout from this pattern. In case of a successful breakout, ADA investors might see a massive bull rally to $0.61. A successful breakout above this leve; could allow ADA to retest its March high of $0.79 in the coming weeks.AMBCrypto then looked at Cardano’s on-chain data to see whether they supported the possibility of a bullish breakout. As per our analysis of Santiment’s data, ADA’s 1-day price volatility started to move up after a sharp decline.Additionally, its open interest also rose, along with its price.

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