Cardano (ADA) Strongly Bullish After Major Breakout, Eyeing $2.40

Cardano (ADA) Strongly Bullish After Major Breakout, Eyeing $2.40

After a relatively overextended stagnation period, Cardano (ADA) managed to make a definite breakout upwards, and now it’s hovering around the $2.30 neighborhood.

Bulls now are taking control of the price action following a strong selling pressure concentrated at the $2.10 level that helped cap any further attempt to extend the gains across the board.

The bearish bias that once dominated the rangebound stage fueled the sell-off of the cryptocurrency to reach levels below $1.85, where the coin later rebounded and entered another consolidation phase. With the current construction in place, it seems that odds are widely favoring the bullish bias, pointing towards new highs above $2.35.