CandleFocus Here’s why analysts are turning bullish on ADA
2024-11-20
Author: Content Editor
Cardano (ADA) is showing signs of a potential breakout as market optimism increases. The cryptocurrency has broken out of a bullish pennant pattern, indicating strong upward momentum and approaching critical resistance levels. Analysts predict that if the rally continues, ADA could see support at $0.85 and resistance at $0.91. Additionally, Cardano whales have been accumulating the asset, further bolstering confidence in its long-term potential. The ADA/BTC price ratio is also at its highest level in eight months, suggesting continued bullish momentum. ADA has experienced significant gains, with a 13% increase in the past 24 hours and 132% growth in the last month. Overall, analysts are optimistic about Cardano's future performance.
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