Advertise

Cardano Retraces, Eyes Next Leap to $1.5

 
Sahil Mahadik
Written By 
Sahil Mahadik
 
Harsh Chauhan
Edited by 
Harsh Chauhan
November 27, 2024
ADA Bullish as Cardano’s Charles Hoskinson Hints at Joining Trump as Crypto Advisor

During Wednesday’s Asian market session, the crypto market showed a slight uptick as Bitcoin price showed sustainability above $90,000. The relief rally bolstered most major altcoins, including ADA, to seek support amid the current correction trend. The downward trajectory in Cardano’s price shows the formation of a well-known continuation pattern called “Flag” within the health retracement range for Fiboonaic supports.

By press time, the ADA price trades at $1.009 with an intraday gain of 5%. According to Coingecko, the asset’s market cap stands at $35.5 Billion, while the trading volume is at $3.1 Billion.

  • The flag formation hints at a temporary pullback for buyers before the next leap.
  • With today’s 5% jump, the Cardano price teases a bullish breakout from the current correction.
  • The momentum indicator RSI back above 50% accentuates the market buyers regaining control over the ADA coin.

Repetitive Pattern Puts Cardano Price for 50% Surge

Since last weekend, the Cardano price has shown a notable correction from $1.15 to $0.99, for a 14.2% loss. The retracement following a broader market pullback indicates a temporary breather for buyers to reenergize after the last pump.

Supporting the bullish thesis, the ADA price shows the formation of a ‘bull flag’ pattern in a 4-hour time frame chart. The chart setup typically occurs after a strong price movement ( the flagpole) and represents a consolidation phase ( Flag) before the trend resumes in the same direction.

Since early November, the Cardano price has formed a similar pattern twice, which led to a dynamic rally of approximately 50-52%. Thus, the potential breakout from the overhead trendline could drive a rally to $1.35-$1.5.

Cardano Price
ADA/USDT -1d Chart

Here’s Why ADA Price Is Poised for Major Reversal

In a recent tweet renowned analyst Ali Martinez highlights the Cardano whale bought over 130 Million ADA amid the recent price dip. This accumulation indicates big players’ confidence in a potential rebound of the ADA price.

In addition, the altcoin holding above 0.236 Fibonacci retracement level, suggests a healthy pullback for buyers to recuperate bullish momentum.

See more
Sahil Mahadik
Written by Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.