Cardano's 'Head And Shoulder' Technical Indicator Signals 44% Price Breakout, Says Analyst

Popular cryptocurrency analyst Ali Martinez has identified a technical indicator, suggesting that Cardano ADA/USD could be on the cusp of a significant price surge.

What Happened: The analyst told his 23,800 followers on Twitter that after approaching a major technical level, ADA is on the verge of confirming a head and shoulders charting pattern. 

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The pattern, which predicts a bullish-to-bearish trend reversal, could see Cardano’s price breaking out by as much as 44% and surging to $0.60.

The head and shoulders pattern is an indicator of trend reversals. It is characterized by a baseline with three peaks, one of which is larger than the other two, resembling a head and shoulders. 

Price Action: At the time of writing, ADA was trading at $0.43, up 8.51% in the last 24 hours, according to Benzinga Pro.

Read More: Ethereum Surges Past $2.1K, Bitcoin, Dogecoin Rise Amid Inflation Dip: Analyst Predicts Apex Crypto Rally Towards $50K

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Posted In: CryptocurrencyNewsAli Martinezcardano
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