Cardano (ADA) Price Prediction: In November, Cardano (ADA), ranked the 8th largest cryptocurrency by market capitalization, experienced significant volatility, largely trading below the key psychological resistance level of $0.12. While this consolidation phase might have reflected uncertainty among investors, the technical chart formation suggested a more optimistic scenario. Developing a bullish pennant pattern indicated a period for traders to regroup and recharge the bullish momentum. Consequently, a recent breakout from the pattern’s resistance trendline has poised ADA for a directional rally.

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ADA Price Released from Three Weeks Consolidation

An upside breakout from the triangle pattern should release the buildup of bullish momentum.
The rising ADA price may face renewed supply pressure at the $0.457 mark
The intraday trading volume in the ADA coin is $361.6 Million, indicating a 30% loss
Cardano Price Prediction | TradingView Chart

For the past three weeks, the Cardano price movement has been relatively flat, confined within the converging trendlines of a pennant pattern. The mix of green and red candles indicated market indecisiveness, but from the beginning of December, the ADA coin started to gain momentum.

Coinciding with the broader market’s recovery, the ADA price broke out from the pennant’s resistance trendline on December 2nd, leading to a 2.7% increase in its price to the current trading value of $0.3976. 

Should the pattern fully materialize, the ADA price may target a 15% rise to approximately $0.475, followed by an extended recovery potentially reaching $0.556.

Whales Accumulation Rises

Cardano | IntotheBlock

IntoTheBlock, a leading on-chain data provider has recently projected a surge in large transactions (those over $100,000) within the Cardano network. This increase in large transactions typically signals heightened activity from institutional or large-scale investors, suggesting a growing interest or confidence in ADA’s long-term value.

Exponential Moving Average: Despite the long consolidation, the 20-day EMA slope has continued to offer dynamic support to ADA price. 
Moving Average Convergence Divergence: A potential bullish crossover between the Mexican signal and would revise the recovery sentiment in the market.

The post Cardano (ADA) Price Prediction As New Bullish Pattern Hints a 40% Rally Ahead appeared first on CoinGape.

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Filed under: News - @ December 5, 2023 3:22 pm