Cardano price is navigating a bull market trend despite ongoing consolidation within a bullish pattern. Notably, ADA has experienced significant movements amidst a modest market upturn, where bulls are attempting a rally. Meanwhile, Bitcoin maintains a position above $104,000 after its recent recovery. Cardano’s price is poised for a potential rise to $1.30, signaled by a promising Cup & Handle formation.
Cardano Price Targets $1.30 as Bullish Cup & Handle Forms
Cardano price analysis suggests a significant bullish pattern, and the “Cup and Handle” is nearly complete. This pattern, supported by a vital trend line and key zone, indicates a potential upward breakout. Currently, Cardano is in a re-accumulation phase, poised to breach a major resistance level.
Expectations are set for the price to hit $1.30 first, followed by a climb to $1.7961 if momentum continues. Traders are watching this price movement closely, hoping for a breakout to confirm the bullish forecast.
Source: X
ETF Speculations Could Propel ADA’s Growth
Cardano price may see increased market dynamics due to upcoming financial products. Tuttle Capital has proposed leveraged ETFs that target ten different cryptocurrencies, including ADA.
These ETFs could enhance market liquidity and present heightened opportunities for institutional and retail investors if regulatory approval is granted.
These financial instruments promise higher risks and rewards by allowing investors to capitalize on ADA’s market fluctuations. This development positions ADA as a potential magnet for increased trading activity, appealing to those seeking amplified exposure in the cryptocurrency space.
Will ADA Price Surpass $1 Soon?
The latest ADA price trades at $0.9756, showing a slight surge of 7% in the past few hours. Cardano’s current price movement reflects a consolidation phase within a defined range. The resistance at $1.10 remains formidable, with the support level anchored at $0.90.
The Relative Strength Index (RSI) stands at 55, indicating a slight bullish momentum but still away from overbought territory. The Chaikin Money Flow (CMF) displays a positive value of 0.19, hinting at growing buying pressure.
Cardano price prediction eyes the critical $1.10 resistance level as a pivotal point. A successful breakout above this threshold could propel ADA toward the next psychological target of $1.30. Conversely, failure to maintain current support at $0.90 may trigger a retest of lower levels, intensifying bearish sentiment.
Cardano Price Chart: TradingView
Cardano’s price outlook remains optimistic as it consolidates within a bullish pattern. The Cup & Handle formation signals potential upward momentum. A breakout above $1.10 could drive ADA toward $1.30 and beyond.
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