NewsletterCardano Price Prediction: Is $ADA Recovery Ready to Surpass $0.7?
Cardano Price Prediction: A new wave of supply pressure temporarily plunged the ADA price price to $0.512, registering a 20% correction. However, this pullback developed into a bullish continuation pennant, increasing the likelihood of a bullish bounce, Thus, a recent breakout from the pattern’s resistance trendline hints at the continuation of the prevailing recovery.
Also Read: Cardano Foundation Launches New Mobile Wallet
Pennant Pattern Hints Continuation of Uptrend
- The ADA price out from flag pattern sets buyers’ potential for higher recovery
- A 23.6% Fibonacci retracement hints at healthy retracement
- The intraday trading volume in the ADA coin is $1.84 Million, indicating a 7% gain.
The Cardano price entered into an aggressive recovery mode in December, where the coin surged from $0.37 to $0.647 to register 73.3%. This recovery aligned with broader market sentiment and increased volume accentuates sustainable growth.
However, on December 11th, the market witnessed a sudden supply pressure which temporarily plunged the ADA price to $0.51. This retracement in the 4-hour time frame chart showed the formation of a Pennant pattern which accentuates minor pullback before the next leap.
Today, with an intraday gain of 11.8%, the ADA price gave a decisive breakout from the pattern resistance trendline with a suitable follow-up. If the patterns play out in ideal conditions, the post-breakout rally should chase the $0.737 mark, followed by $0.87, to register 35% potential growth.
ADA vs BTC Performance
In a comparison article, the Cardano and Bitcoin have shown significant growth in the last two months. However, a keen difference between them would be that the Bitcoin price showcased steady growth which is preferred for breakout trades, while the ADA price showed significant occasional retracement to grab pullback opportunities.
- Average Directional Index: An upswing in the ADX slope at 24% hints the buyers have enough strength to lead further rally.
- Bollinger Band: The rising ADA price challenging the upper boundary of the Bollinger band reflects bullish momentum and is aggressive.
- Michael Saylor’s Strategy Faces Removal From Nasdaq 100 Amid Crypto Market Crash
- Crypto Market Crash: $1B in Bitcoin, ETH, SOL & Top Altcoins Liquidated Ahead of Options Expiry
- Bitwise XRP ETF Sees Massive First Day of Launch With Nearly $22M in Trading Activity
- Senate Committee Advances Pro-Crypto Michael Selig’s Nomination For CFTC Chair
- Ethereum Treasury FG Nexus Offloads 10,922 ETH Amid ETH Price Crash Below $3,000
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
- Ethereum Price Hits Historical Liquidity Reset — Is a Bounce Coming?
- Solana Price Prediction: Key Indicators That Could Propel SOL Toward $200
- Zcash Price Outlook: What’s Next for ZEC After Surging 12%?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
