- Technical analysis of Cardano showed bulls have a reason to be enthusiastic.
- Social sentiment remained weak despite the breakout past $0.4.
Cardano [ADA] was trading in a falling wedge pattern until recently when it saw a bullish breakout. This incident promised a 70% rally for the token, but the bulls will face many hurdles ahead.
The price action on the daily chart had a bullish structure. The RSI and the CMF noted strong upward momentum and sizeable capital flow into the market, respectively.
The DMI signaled a potential trend change on the 13th of July when the DIs crossed over.
The $0.4 former resistance was flipped to support, and so long as the bulls defended it, another move higher remained likely. AMBCrypto took a closer look at other metrics to gauge the market sentiment.
The active address count has been steady since April
Source: Santiment
The daily active addresses have hovered around…
