CandleFocus Cardano Price Strikes a 3-Year Barrier For 82% Breakout Rally
2024-12-05
Author: Content Editor
The crypto market experienced a strong inflow during Wednesday's session, with Bitcoin approaching a potential breakout above $100k. This bullish momentum is expected to extend to the altcoin market, including Cardano (ADA), which is showing signs of a breakout. The ADA price is currently trading at $1.19, with a potential for a directional uptrend. The price has recorded a significant rally, rising from $0.32 to $1.19 in the last month. Analysis of the weekly chart suggests a potential prolonged uptrend with a rounding bottom pattern. The ADA price is close to challenging a 3-year resistance level at $1.24, and there is strong anticipation for heightened volatility or a bullish breakout. If the pattern holds true, ADA buyers could target $2.2, indicating potential growth of 82%. However, the momentum indicator ADX suggests an overextended rally, and the ADA coin may need a potential pullback before a key breakout. The 4-hour chart also suggests a dynamic support trendline that, if broken, could signal an upcoming correction.
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