- An analyst foresees Cardano’s potential bullish move above $0.638 to reach $0.70.
- The descending triangle pattern signals a bearish trend, highlighting $0.613 support.
- Despite a 3.9% drop, Cardano maintains profits, up 6% in seven days and nearly 60% in December.
A leading analyst has illuminated potential bullish movements for Cardano (ADA) despite the prevailing bearish sentiment. Renowned for spot-on predictions, the analyst envisions ADA’s price surging beyond $0.638 toward an impressive $0.70 mark.
This projection comes against the backdrop of a discernible descending triangle pattern evident in ADA’s lower timeframes. Such patterns traditionally signal a bearish trajectory, characterized by a downward upper trendline and a relatively horizontal lower trendline. Yet, the analyst contends that this pattern might serve as a pivot point, potentially catapulting ADA’s value upward in a trend shift.
Source: ali_charts
Specifically, the forecast hinges on a critical juncture: a sustained breach above the $0.638 mark. Should Cardano manage to consolidate above this level, it could pave the way for a notable 15% surge, propelling its value to the coveted $0.70 milestone.
However, cautious optimism accompanies this projection. The descending triangle’s lower trendline at the $0.613 support level emerges as a pivotal indicator. Any weakness at this juncture might impede the anticipated bullish momentum, warranting a close watch for investors.
Despite a recent 3.9% price decline, Cardano has maintained an impressive trajectory in profitability. Over the past seven days, ADA has showcased resilience, marking a 6% uptick and demonstrating an astounding nearly 60% surge in December alone. These figures underscore ADA’s resilience amid market fluctuations, solidifying its position as the 8th largest asset in the cryptocurrency sector, boasting a market cap of over $21.46 billion.
