CandleFocus

Cardano Price Eyes $0.555 as Symmetrical Triangle Pattern Takes Shape

Author: Content Editor
The price of Cardano has experienced a significant drop of over 30% in the past four months. Market observers are closely watching the cryptocurrency as they await decisions from the Federal Reserve. Analysis indicates that Cardano's price actions are forming a symmetrical triangle pattern, suggesting the possibility of either a bearish breakdown or a bullish breakout. The potential price targets are $0.275 for a breakdown and $0.555 for a breakout. However, Cardano's network activity presents mixed signals, with an increase in new addresses but a decrease in active addresses, indicating lower transaction volume. The rise in zero-balance addresses suggests that some users may be withdrawing their holdings due to market uncertainty. Cardano's development efforts, particularly the Leios protocol, have received majority support from the community, aiming to improve the network's speed and compete with rivals like Solana.

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