Cardano price prediction – A 10% hike might be incoming IF…
The post Cardano price prediction – A 10% hike might be incoming IF… appeared on BitcoinEthereumNews.com.
On the price charts, Cardano [ADA] fell to an ascending trendline with a strong history of triggering price reversals ADA’s large transactions volume dropped by 8%, hinting at a fall in whale participation The last 24 hours have been critical for the cryptocurrency industry due to a massive $1.4 billion crypto hack targeting Bybit. This heist has affected the overall cryptocurrency market. And yet, ADA the native token of the Cardano blockchain, has remained fairly stable, holding above the crucial support provided by the ascending trendline. Current price momentum During this period, the altcoin registered a price drop of 4%, with ADA trading near $0.76 at press time. Despite the decline and negative sentiment, however, its trading volume surged by 50% – A sign of heightened participation from traders and investors, compared to the previous day. All about its price action Thanks to the aforementioned price drop, ADA fell to the support level of an ascending trendline, which it has followed since the beginning of February 2025. Cardano’s four-hour chart revealed that this trendline has a strong history of triggering price reversals. For example – Over the last 20 days alone, whenever the asset’s price reached the trendline, it consistently saw some upside momentum. Source: TradingView Looking at the historical momentum, it is evident that traders and investors have shown strong interest in the token. Most of them are expecting more upside for ADA on the charts. According to AMBCrypto’s technical analysis, Cardano is at a crucial level right now, currently in a make-or-break situation while forming an ascending triangle price action pattern. In addition to support from the ascending trendline, the asset has also gained horizontal support at the $0.745-level. Worth noting, however, that given the uncertain market sentiment, it is difficult to know whether the price will rally…
Filed under: News - @ February 22, 2025 5:20 pm