Cardano Poised for a 24% Move as Ascending Triangle Pattern Signals Explosive Potential
The post Cardano Poised for a 24% Move as Ascending Triangle Pattern Signals Explosive Potential appeared on BitcoinEthereumNews.com.
Editors News Analyst Ali Martinez predicts a 24% move in Cardano (ADA), with key levels at $0.74 and $0.83 guiding the price direction. A sustained break below $0.74 could drop ADA to $0.56, while a 24% increase from $0.83 might push it past the $1 mark. Martinez’s bullish bias follows a recent breakout from a descending triangle pattern and comes amid broader market uncertainty. Cardano’s price appears set for an explosive move, according to prominent analyst Ali Martinez. In a post on X, Martinez asserted that ADA is primed for a 24% move, citing an ascending triangle pattern observed on the asset’s 3-hour candle chart. This technical formation is key to his analysis, with the levels of $0.74 and $0.83 identified as critical thresholds for the upcoming price action. Cardano Market Direction Hinges on Key Levels Martinez explained that a sustained break below $0.74 would likely result in a 24% decline, bringing ADA down to around $0.56. Conversely, if ADA manages a 24% increase from the $0.83 level, it could surge past the psychologically important $1 price point. This dual scenario underscores the importance of these support and resistance levels in determining ADA’s short-term trajectory. In his analysis, Martinez also recalled that on February 12 he had already expressed a bullish outlook for Cardano, noting that a breakout from a descending triangle pattern on a smaller timeframe had set the stage for a move toward $0.83. His most recent projection now reinforces that bullish bias, despite the broader crypto market grappling with macroeconomic uncertainty. Cardano has faced volatility, having dropped as much as 58% from its local high of $1.3278 reached in early December 2024 amid a market rout. However, the asset has recently bounced from its lows, spurred by renewed excitement surrounding a spot exchange-traded fund application from Grayscale.…
Filed under: News - @ February 21, 2025 8:23 pm