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Can Cardano (ADA) Bounce to Continue Its Rebound? This Pattern Says Yes!
By: coinsprobe|2025/05/05 02:45:01
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Date: Sun, May 04, 2025 | 06:15 PM GMTAfter a tough Q1 where Ethereum (ETH) alone dropped by 45%, the crypto market is finally showing signs of recovery. ETH is up 10% this week — and it’s not alone. Cardano (ADA), one of the top altcoins, has also rebounded impressively, climbing nearly 46% from its April lows.But with ADA slightly in the red today, down over 4%, many investors are wondering — is the pullback temporary, or the start of another downtrend? Well, a bullish chart pattern may be hinting at what’s next.Source: CoinmarketcapA Bullish Inverse Head and Shoulders in Play?The daily chart of ADA is painting a classic Inverse Head and Shoulders pattern — a technical setup known for signaling bullish reversals.Here’s how it’s unfolding:Left Shoulder: Formed near $0.68 in mid-March after ADA faced resistance at the $0.7688 neckline.Head: The price dipped further to $0.57 on April 7, forming the bottom of the pattern.Right Shoulder: ADA rebounded strongly to test the neckline again near $0.74, before pulling back to $0.66, likely forming the right shoulder.Cardano (ADA) Daily Chart/Coinsprobe (Source: Tradingview)Now, ADA is trading just above $0.67, with the 50-day moving average (MA) acting as strong support — a potential springboard for the next leg up.What’s Next for ADA?If ADA continues to respect the 50-day MA and pushes higher, a break above the neckline at $0.73–$0.74 could trigger a bullish breakout, potentially targeting the $1.00 level — nearly 50% higher from current prices.However, if the price loses the 50-day MA support, a deeper pullback could be in the cards, invalidating the bullish setup in the short term.Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research before investing in cryptocurrencies.
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