Cardano 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.