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Cardano's price action has shown signs of recovery after the recent dip, with cryptocurrency bouncing off its lower support levels. Over the past 24 hours, Cardano has scored nearly 1%, reaching an intraday high of $0.7613. This small but notable rebound has attracted the attention of technical analysts, and an interesting analysis shows that assets are trading within a well-defined chart pattern for several months.
In particular, a technical analysis by the Cardano/USDT Daily Timeframe Chart shows that cryptocurrencies are trading within the triangle and are preparing for a rally of up to $1.5.
The formation of a triangle says that it can move 100% of the cardano
a Recent analysis TradingView highlighted that Cardano has been trading within a triangle pattern in its daily time frame since November 2024. The pattern is emphasized by a series of low highs and higher lows, forming the formation of convergence of the lower and upper trend lines. The latest price drops were seen From Cardano Drop The high is $1.1747. I was then able to find support at the lower boundary of the triangle for $0.647.
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Depending on the performance trends within the Triangle within the past six months, Move after this support Another rally heading towards the upper trend line. The recent pushes of the last 24 hours seem to be strengthening their formation as they potentially mark Start pushing towards Upper resistance level.
An important point from the formation of this triangle is the possibility of explosive movements when Cardano retests the top trendlines of this triangle again. According to analysts, if Cardano prices exceed the top trendline, it could surge towards $1.5, representing a 100% rally from the current price level.
Can ADA hit $1.5? See resistance and breakout zones
The Triangle's top trend line is currently the most important resistance level for Cardano prices. Cardano has tested this resistance about three times since November, and future approaches have created a pivotal moment in the price trajectory. If buyers gain enough momentum and push prices beyond this barrier, they can continue to have a rapid breakout and potentially send assets Towards the projection A $1.5 goal. However, another rejection is still possible here, especially considering what the market has. I've moved to bearish feelings The past few days.
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Market sentiment has a major impact on whether Cardano will meet its expected price target. Overall trends in the crypto market; Especially the movement of Bitcoin It affects how quickly Cardano can reach this level. In particular, the speed at which Cardano approaches the trendline above it determines whether it is strong enough to surpass the top trendline.
At the time of writing, Cardano is trading at $0.7205, and it is even possible that it will retest its support trendline again in the coming hours.
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