Cardano, the world’s 8th biggest cryptocurrency, is once again indicating bullishness in its chart on the daily time frame. Recently, on December 11, 2023, Cardano’s ADA hit its 52-week high, and since then, its price has continuously consolidated for the last 63 days. During this consolidation phase, Cardano’s ADA formed a descending triangle pattern that recently gave a breakout.
Cardano (ADA) bullish pattern, amid price consolidation
Cardano is one of those tokens that doubled its investors’ money in just 90 days during the bull run from October 2023 to December 2023 before the spot Bitcoin ETF (Exchange Traded Fund) was approved in the United States. During the bull run, Cardano’s ADA price surged from $0.26 to $0.68, which is currently experiencing a price correction.
During this significant price surge, Cardano has gained huge attention from crypto enthusiasts despite over 30% of its price correction. However, ADA’s price correction might be because of profit booking and overall market sentiment.
The overall cryptocurrency market is quite confusing, and during this period, crypto whales and investors are taking advantage of the top cryptocurrencies like Bitcoin, Solana, Ethereum, Cardano, and others. These are all top cryptocurrencies trading at a discounted price according to these whales and investors.
Currently, Cardano (ADA) is trading near $0.52, and in the last 24 hours, it experienced a price surge of over 9%. If we look at ADA over a longer period, in the last 7 days, it experienced only 6.5% upside momentum. Whereas, in the last 30 days, ADA experienced only a 6.71% upside momentum.
However, following the breakout of the descending triangle pattern, Cardano’s 24-hour trading also surged by over 70%, and it currently stands at $595 million, whereas the market cap has surged by over 8%. Additionally, the same pattern is also shared by the renowned analyst on X (previously Twitter).
ADA technical analysis and upcoming price
According to expert technical analysis, Cardano’s ADA on a weekly time frame is consolidating between $0.47 to $0.53, besides this descending triangle pattern. However, if we look at ADA on a daily time frame after a breakout of a descending triangle pattern, it is currently experiencing resistance near the $0.53 level.
If the ADA daily candle gives a closing above the $0.54 level, then in the coming days, we may see a bullish momentum. Some of these levels that ADA may experience are the first $0.59, the second $0.63, and the last $0.68 if ADA’s daily candle gives a closing above $0.54.
