Cardano (ADA) charts are looking very bullish as the token trades at $0.90 after gaining more than 1% value during the past week. During the week, ADA once broke above the major local resistance $0.94, and reached its weekly high of $0.95 before the prices started to crash and ADA hit $0.86, with an almost free fall. However, the trader stepped in to buy the dip and carried the price higher. Once again, ADA met resistance near the $0.94, and this time, ADA had no escape route.
The token just rebounded off the $0.94 resistance level as the bears were too strong in this territory. On the daily chart, ADA is trading inside the symmetrical triangle pattern, as it is met with resistance near $0.92, where the upper trendline runs across. Since the pattern is not complete, ADA might rebound off the upper trendline and hit the lower trendline, and this motion might continue for some time until it breaks out.
Once ADA completes the pattern, the token will break out and reach $1.15, and if the bulls keep the foot on the pedal, ADA might even reach $1.5.
On the four-hour chart, ADA is trading inside a pattern, a bullish cup and handle pattern. The pattern is not complete, as such, ADA will once again test the resistance near the top of the part of the cup.
After completing the pattern, ADA will break out and will reach $1.25, as shown by the arrow above. The length of the arrow is the depth of the cup, by which the ADA will break out.
