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Is Cardano finally about to breakout? Charts pointing to a huge rally soon

After lagging behind on gains this month, Cardano (ADA/USD)  may finally have given the long-awaited breakout for which investors have been waiting for since several months.ADA was up over 9% on Tuesday and there was a huge spike in volumes too. After months of consolidation, ADA could give a huge rally in the coming weeks however is it too late to enter ADA after the 10% surge on Tuesday?

What the charts are pointing towards –

  • ADA has been in the range of $2 to $2.3 since September thus if it is able to break out now, some huge targets could be achieved soon. The resistance has been proven to be very strong thus after the breakout $2.3 will act as an important zone of support.

  • ADA is already over 13% up this week and has closed in green almost every day this week, thus a small pullback could be expected soon.

  • A volume spike was also seen on Tuesday, this is suggesting that the breakout will be strong and the chances of a false breakout are also looking very low.

  • ADA has formed strong bullish candles and is looking very bullish for the coming weeks and can break out any time soon.

  • However, investors must note that an entry should only be taken after the breakout as an early entry could be very risky, thus an entry can be taken after the zone of $2.3 is broken.

  • The RSI was in the overbought zone on Thursday thus a small pullback could be seen before a breakout.

  • A target of $2.82 can be set and even a new all-time high could be set very soon by ADA.

  • A stop-loss can be set below the zone at $2.03.

Conclusion

Cardano is looking very bullish for the coming weeks and it could hit some huge targets soon.

Nevertheless, investors must be patient and must wait for a clear breakout before entering Cardano, and should also set a stop loss below the zone. Moreover, Cardano is also very strong fundamentally thus it has some very promising long-term targets.

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