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Cardano Price Prediction: In line with current market uncertainty, the Cardano coin price traded sideways for nearly three weeks. The daily chart shows rejection candles on both sides indicating high volatility and no indication from buyers or sellers. However, this consolidation developed into a pennant pattern indicating that the buyers have an opportunity to resume the recovery trend.
Also Read: Arbitrum, Cardano, and Mina Protocol: Potential 2024 Collaboration on the Horizon
Is ADA Price Ready to Hit $0.8?
- A bullish breakout from the triangle pattern will trigger a directional rally.
- The midline of the Bollinger band indicator continues to offer strong pullback support.
- The intraday trading volume in the ADA coin is $829 Million, indicating a 1.4% gain
After witnessing an aggressive recovery in the last two months, the Cardano price hit a major roadblock at $0.68. This newfound supply pressure in tandem with market volatility turned the ADA price projection sideways.
However, the consolidation resonating within two converging trendlines shows the formation of a bullish pennant pattern. This chart pattern, often spotted in between established rallies, indicates the buyers are having a mild breather to revive the recovery rally.
The new entries in the market should wait for a breakout above the overhead trendline to get confirmation of an upcoming rally. This post breakout would surge 27% up to hit the $0.8 mark.
On a contrary note, if the prices break below the lower trendline, the Cardano coin may witness a significant correction
ADA vs BTC Performance
In a comparison analysis, the Bitcoin and Cardano coins show a strong bullish outlook for their near future. However, a keen difference between them is that the ADA price shows a long post-rally correction which usually develops into a bullish continuation pattern like a flag or pennant, While the Bitcoin price shows gradual growth with new breakout opportunities.
- Relative Strength Index: The RSI slope above the 50% mark indicates the market sentiment is positive on this asset.
- Bollinger Band: The converging boundaries of the Bollinger Band indicator accentuate a highly volatile phase in this asset.
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