Cardano Price Analysis: Bulls Enjoy Explosive Breakout as Hoskinson Teases ADA-Supported Ledger Wallet

  • The Cardano (ADA/USDT) price is elevated thanks to another wave of buying pressure out from a bullish pennant pattern.
  • Cardano’s community has much to be excited about – the foundation has a role in INBTBA and Hoskinson teases with ADA-supported ledger.

ADA: Recent Price Behavior

ADA has been enjoying a decent run to the upside over the past few days, printing new highs for March. The last jump also marked the asset’s highest level since 24th February just before the sellers attacked. ADA/USDT was moving within a range between 25th February up to 8th March, before the bulls managed to kick back into life and force a breakout.

On 9th March, an aggressive move to the upside came into action, escaping the confinements of the mentioned range-block. The price managed to jump double-digits, some 10%, before moving sideways for a few sessions. During this brief period of consolidation that followed the spike north, the price action formed a bullish pennant pattern structure.

In the session Friday, market bulls have further managed to extend to the upside, smashing out from this technical structure. ADA/USDT is holding decent gains of some 5% at the time of writing in the second half of Friday. The buyers are now attempting to break down a chunky area of supply, which is in proximity to the current price.

Cardano: Founding Member of INBTBA

Recently announced, the Cardano Foundation has now become a founding member of the International Association for Trusted Blockchain Application (INATBA). The role of the body is to promote the adoption of blockchain technology and cryptocurrency in Europe. Also, their primary focus is small-and-medium-sized enterprises (SMEs), policymakers, regulators and civil-standard setting organizations.

The news has somewhat provided optimism and a sense of excitement across the community, hence why the ADA price is currently buoyant. Cardano will have the leverage to build a dialogue with these authorities with focus on things such as regulation concerning blockchain and cryptocurrencies for the goal of greater adoption.

Ledger Soon to Support ADA

Charles Hoskinson took to Twitter Friday to share a picture of a Ledger hardware wallet along with a Cardano logo. He tweeted “Cardano Ledger. Got the first one”. It comes after the news was announced back in February that the ADA ecosystem was going to be integrating with the Ledger wallet. Read more: Altcoin Season Arrives: Stellar (XLM) and Cardano (ADA) Take the Reigns.

Technical Review – ADA/USDT

ADA/USDT daily chart.

Given the recent price breakout from the earlier noted pennant pattern, the bulls will now be interested in breaking down a critical zone of resistance. The sellers are camped from $0.0500000 up to $0.05400000 price range. ADA/USDT has not been above this zone since 19th November, during the large bear market.

Should the bulls manage to break down the above noted region, then eyes will be on a return to the pre-November fall levels. The target area tracks from $0.0770000 to $0.8232436, a consolidation area before the big fall in November 2018.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.