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Cardano (ADA) Set to Hit $1.50 on Classic Triangle Breakout Pattern

Key Cardano Takeaways
Cardano’s ADA, now the third-largest cryptocurrency by market capitalization, maintains its top rankings as it sustains its uptrend three days in a row.
The ADA/USD exchange rate’s uptrend comes as a breakout-move of its previous Descending Triangle range.
That raises the pair’s potential to hit $1.50 in the coming sessions.
Ethereum’s top rival Cardano is on a tear.
The blockchain platform’s native asset, ADA, surged by up to 52 percent after bottoming out near $0.95 at the beginning of this week. As of Wednesday, the token has formed an intraday high of $1.45 before correcting mildly lower to the $1.35-1.44 range during the Asia-Pacific session Thursday.
Traders flocked into the Cardano market after Bitcoin started correcting lower upon establishing its record high above $61,000.
ADA offered an ideal refuge against the top cryptocurrency after its listing on Coinbase Pro, a US-based digital assets trading platform. More bullish tailwinds for ADA came from the ongoing craze surrounding non-fungible tokens, or NFTs. Cardano allows users to create the said assets on its blockchain following its latest “Mary” upgrade.
$1.50
Technical indicators added to the bullish confluence. The ADA/USD exchange rate’s latest move upside had it broke out of a Descending Triangle. Traders see the said structure as a bullish continuation pattern, primarily if the downside consolidation occurs after a strong move upward. ADA was trading higher before forming the Triangle.
Cardano breaks out of its Descending Triangle pattern. Source: ADAUSD on TradingView.com
Typically, a breakout move …
Story continues on Bitcoinist

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