The first week of March just came to a close with ADA price experiencing excitement. Zoomig out on its price action reveals that it has been trading within ax bullish megaphone pattern and this may offer insights into ADA performance.
ADA had a $0.864 price tag at the time of observation, which was equivalent to a 26% dip from its weekly high. That weekly high was courtesy of Trump’s announcement that the Cardano native coin would be part of the U.S crypto reserve.
ADA price action/ source: TradingView
More importantly, the retracement occurred after ADA price retested the descending resistance which constitutes its megaphone pattern. But, with the pattern extending longer, investors are starting to anticipate a breakout.
One analyst has predicted that a breakout from the megaphone pattern could trigger a major uptrend. He even speculated that the subsequent rally could push ADA as high as $2.
The cryptocurrency’s previous major bullish breakout saw price push as hig
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