CandleFocus ADA Price Megaphone Pattern Emerges: Major Breakout Ahead?
2025-03-08
Author: Content Editor
The recent price action of ADA (Cardano) has been trading within a bullish megaphone pattern, indicating potential insights into its performance. ADA experienced a 26% dip from its weekly high after Donald Trump's announcement that it would be part of the U.S crypto reserve. Investors are anticipating a breakout from the pattern, with one analyst predicting a major uptrend that could push ADA as high as $2. The cryptocurrency's derivatives activity suggests uncertainty, with perpetual volumes up while options volume dipped. Funding rates and liquidations indicate a bearish outcome, but this could be a trap for short sellers. ADA spot flows recorded a spike in outflows, and if there is heavy bullish demand, ADA may finally break out of the megaphone pattern and start a new bullish wave. The fact that ADA did not retest its descending support suggests the pattern may be at its tail end.
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