Yesterday, crypto trader Ali (@ali_charts) shared an optimistic analysis for Cardano (ADA) on Twitter, pointing out the formation of a classic head and shoulders pattern on ADA’s daily chart. The trader predicted that if the bullish pattern is confirmed, ADA’s price could move up to $0.60.
However, according to CoinMarketCap, ADA’s price has decreased by 0.74% in the last 24 hours, weakening against the US Dollar, Bitcoin (BTC), and Ethereum (ETH) by 2.78%, and 0.25%, respectively. Despite this, ADA’s price remains at $0.377.
On Monday, ADA’s price broke below the wedge pattern established on its daily chart, but the move was short-lived as bulls stepped in to boost the price. The altcoin’s price then rose above the wedge chart pattern and surpassed the upper bound of the consolidation channel between $0.3504 and $0.3769 in the last 24 hours.
However, ADA’s price may experience a retracement in the next 24 hours with the release of US macroeconomic data later today. If the data negatively impacts ADA’s price, the altcoin could drop back into the consolidation channel. On the other hand, if ADA’s price closes above $0.3914 in the next 24 hours, it could continue to rise in the next 24-48 hours.