CandleFocus Cardano Eyes $1.3 After Successful Double-Bottom Breakout
2025-01-16
Author: Content Editor
Cardano (ADA) is experiencing a double-bottom breakout rally, with the price breaking the neckline at $1.02 and reaching a peak at $1.0893. However, due to a large supply of tokens, the price is currently retesting the broken neckline. Despite this, technical indicators suggest a bullish outlook, with the 20-EMA line crossing over the 50, 100, and 200 EMAs, and the 4-hour RSI above the halfway mark indicating strong bullish demand. Cardano whales have been buying large amounts of ADA tokens, suggesting growing demand and a positive outlook. The price target for Cardano is at the $1.13 peak and the $1.20 psychological mark, but it could potentially reach $1.2915 based on Fibonacci levels. Crucial support levels are at $1.00 and $0.9765.
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