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Nick Valdez predicts a potential Cardano breakout based on its broadening wedge price pattern. He stressed Cardano’s long-term bullish outlook remains strong, with a possible move around February 1st. Charles Hoskinson’s potential involvement in Trump’s crypto advisory council could boost Cardano’s market position. Nick Valdez, an analyst at the popular Discover Crypto channel, has shared compelling insights about the future of Cardano (ADA) and its price trajectory.  Valdez highlighted two key factors that could drive Cardano to new all-time highs: its current price action and a significant potential partnership with the Trump Administration. Cardano Broadening Wedge Pattern Valdez begins by pointing out the broadening wedge pattern in Cardano’s price chart. This pattern has been forming since January 2023. It mirrors similar behavior in the last cycle, wherein Cardano saw a breakout multiple times after testing a price channel.  The current wedge structure suggests Cardano may be gearing up for another significant upward move. Valdez notes that, based on previous cycles, the breakout could come soon, with the next 40 days being a crucial window.  While there is some uncertainty about the exact timing, he emphasized that the technicals point to an imminent breakout, potentially around early February. This aligns with previous cycles, where Cardano experienced significant price action after consolidating in January. Strong Pullbacks, But Long-Term Bullish Sentiment Valdez also discussed the pattern of strong pullbacks that Cardano tends to experience in January. In both 2021 and 2024, Cardano saw sharp corrections in early January. However, these dips were followed by substantial recoveries and a continued upward trajectory.  This year, Cardano has already experienced a 14% pullback. Valdez believes this aligns with previous market behavior and that Cardano could consolidate before another major move, likely around February 1st. Accordingly, Valdez advises investors to hold steady despite the pullbacks, as the…

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Filed under: News - @ January 16, 2025 11:20 am