Cardano (ADA) Eyes 20% Move as Rising Channel Pattern Faces Critical Test

According to crypto analyst Ali, Cardano has been trading inside a rising parallel channel since the end of June. A rising parallel channel (or ascending channel) is a bullish technical analysis chart pattern that emerges when the price of an asset moves upward between two parallel diagonal lines. This is a controlled uptrend as buyers are slowly pushing prices up, but sellers are taking profits at resistance and creating temporary pullbacks. This pattern, though bullish, can carry bearish reversal risks depending on how the price breaks. During the period when ADA traded within the rising parallel channel pattern, ADA rose from a low of $0.138 to a high of $0.282.

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