Cardano (ADA) Technical Analysis: Spikes 13% Against BTC, Is This The Start of a Reversal?

ADA finally managed to break its bearish streak this week with the arrival of a major milestone announcement on December 18. The new Cardano 1.4 release has been hailed as the project’s biggest upgrade to date and includes optimized block storage from 1.3 million files down to 50,000 – making synchronising to the network and running a full node much faster, and more efficient – along with new support for the Linux operating system and a completely rewritten wallet backend for Daedalus.

This promising array of new upgrades has coincided well with the return of bullish traders to the crypto market and appears to have redirected some investors back towards the Cardano project. Right now, ADA has already broken through two main resistances at 1,020 and 1,085 Sats, with an impressive 13% gain against BTC. 24hr trading volume has also spiked considerably from $70 million earlier this morning to now over $90 million, as the bull run continues.

Will ADA be able to sustain its current momentum over the rest of Q4, or will bears take back control over the asset and send it crashing back down? Let’s take a look.

On the 1D ADA/BTC chart, we can see that the asset was finally able to break out of a 5-month falling wedge pattern after finding the bottom at 840 Sats and gathering enough momentum to exit out sideways. Low volatility kept the asset on a fairly flat t…

This article appeared first on Cryptovest

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