The price of Cardano (ADA) has been consolidating in a symmetrical triangle. The formation is likely the result of choppy trading and the range between bids and offers is narrow. If a breakout occurs, the next objective for Cardano could be about 4-5% higher than current levels.
However, if this break is retested, then it may produce lower levels on a retest. The Fibonacci retracement fan lines were drawn for two possible outcomes: one that reaches to 0% fibonacci level and one at 50%. The breakout point and the retest level are estimated at 2604 and 2620 respectively.
“The price of Cardano (ADA) has been consolidating in a symmetrical triangle. The formation is likely the result of choppy trading and the range between bids and offers is narrow.”
A breakout of a symmetrical triangle is predictable from a valid chart, but it can also be an extension of an existing trend. As with all patterns, precedent must be considered: there are no guarantees that this break will take place because those who would care about ADA’s price performance can always buy closer to current price until they hear something different.
Cardano (ADA) Price Prediction
Cardano (ADA) has not been able to sustain significant gains since its strong performance in December. The price of ADA/USD has been trading within an ascending channel. The cryptocurrency found support at $0.08 on January 24 and followed a bullish move toward $0.1146 where resistance was met on February 6th.
The price of Cardano (ADA) has been consolidating in a symmetrical triangle. The formation is likely the result of choppy trading and the range between bids and offers is narrow. If a breakout occurs, the next objective for Cardano could be about 4-5% higher than current levels.
However, if this break is retested, then it may produce lower levels on a retest. The Fibonacci retracement fan lines were drawn for two possible outcomes: one that reaches to 0% fibonacci level and one at 50%. The breakout point and the retest level are estimated at 2604 and 2620 respectively.
Cardano (ADA) Price Prediction: Is the Tide Turning?
Cardano is gradually making its way up the cryptocurrency market as ADA has recently stepped ahead of Stellar (XLM) and is close to overtaking Litecoin (LTC). The total market cap of Cardano has touched $5.5 billion.
Most of the investors are keeping a close eye on Cardano’s performance because it is considered to be one of the most stable coins in the crypto market. The price chart shows that after ADA hit a low of $0.07 in January, it had been able to achieve stability with its price hovering around the $0.0850 mark for almost two weeks before dropping down again.
Cardano ADA Forecast after Pennant Break
After this recent drop, the bulls were not capable of keeping Cardano above $0.08 for a long time which led to a retest of the low of $0.07 which was followed by a steady rise to around the $0.09 mark where the consolidation took place before Cardano broke out from its symmetrical triangle pattern. The steep rise started from the low of 0.0699 and has been hovering close to 11% in a span of two days.
The rise did not last long and Cardano returned back to around 9% at its current level of 0.074. This is a positive sign for the ADA bulls as it shows that the price has moved out from its triangle pattern and might be ready to enter into a new bull phase. However, there is also a possibility that this rise may just be an extension of the downtrend before Cardano enters another consolidation phase.
Cardano (ADA) Price Prediction: Trend Analysis
The price chart shows that after ADA hit an all-time high of $1.2 in January, it had started dropping gradually until it hit the low of $0.07 on April 1st and started to trade in an ascending channel formation which was broken on May 14 when ADA closed at $0.08.
ADA has been trading at around $0.09 for about two weeks before the price started surging on May 24 and made a new all-time high of $0.1067 before retracing to $0.0937 today where it closed at 11% above its trading volume of last week.
The ADA/USD pair is currently trading at 0.0956 level which is close to the Fibonacci level at 0.
