Crypto analyst Sssebi, who boasts over 23k followers on X, recently shared his insights on Cardano (ADA), focusing on a chart that showcases the cryptocurrency’s potential for further gains.
“$ADA looks like it wants to go higher,” Sssebi stated. “Those wicks are looking tasty, I’m expecting another leg up soon, hopefully in the $1 area.”
He continued, “Good breakout of the long-term channel, multiple daily closes above the trendline, breaking out of the 50-day SMA, and now sitting above it. Things are finally breaking in $ADA’s favor.”
As Cardano broke out of the long-term downward channel and managed to close multiple daily candles above the trendline, the crypto analyst observed that the outlook was now becoming brighter.
Prior to this breakout, Cardano struggled to stay afloat above the 50-day simple moving average, which acted like a ceiling. However, as Cardano price finally broke above the 50-day SMA, the crypto analyst noted that the outlook was now becoming brighter.
Next level of resistance is $1, which is the zone that crypto analyst Sssebi is looking at next. If Cardano can keep its footing here and build a base, he thinks it has a real shot at climbing back up to that round-number mark.
Looking at the chart, we can see that the Relative Strength Index (RSI) is still holding up well above the 60 level, which indicates that there is plenty of room for further gains.
Moreover, as Cardano is gaining momentum, we can also observe increasing volume, which is another positive sign.
Overall, with the Long Lower Wicks, the increasing volume, and the breakout from the long-term channel, crypto analyst Sssebi believes that Cardano is now setting up nicely for another leg up.
