Market participants continue to debate the stability of the recent growth in the cryptocurrency market. Among the top cryptocurrencies maintaining a bullish outlook, three coins show strong bullish patterns that, if influenced, could trigger significant upswings and offer long entry opportunities to interested traders.
First up is Cardano (ADA). Amid the rising selling pressure in the crypto market, the falling ADA price is likely to plunge back to the support trendline of the rising channel pattern. This chart pattern has maintained a strong uptrend in Cardano’s price for the past five months, with its lower trendline being key to supporting bullish sentiment. Currently trading at $0.37, Cardano is heading close to the bottom trendline, potentially offering market participants an opportunity to reaccumulate the coin at a discounted price. A possible reversal could drive the price to $0.42, followed by $0.46 and $0.5.
Next, we have Solana (SOL). On May 27th, Solana saw a massive breakout from the resistance trendline of the wedge pattern, signaling an early sign for uptrend resumption and surging the price to a weekly top of $21.24. However, the bullish rally has hit a minor halt due to a slight sell-off in the crypto market. If buyers manage to sustain the altcoin above the $20 mark, the price could resume its recovery rally. With sustained buying, Solana’s price is poised to reach $24, followed by $26.
Lastly, Uniswap (UNI) shows the formation of a falling wedge pattern in the daily time frame chart. The UNI price is currently at $5 and continues its downtrend within the converging trendline of the chart pattern. As long as the pattern remains intact, the coin’s price could continue to fall and revisit lower price levels. However, the increasing slope of the RSI indicator suggests underlying bullish momentum in Uniswap, projecting a high chance for a bullish recovery. An upside breakout with a daily candle closing above the overhead trendline may intensify the coin’s bullish momentum, potentially pushing UNI prices to $7.6.
In conclusion, the bullish patterns observed in Cardano, Solana, and Uniswap may trigger significant price upswings. However, traders should remain cautious and conduct thorough market research before investing in cryptocurrencies. Market conditions remain uncertain and volatile, and the author and the publication do not hold any responsibility for personal financial loss.
Source: Coingape
