Cardano Price Could Be Set For 100% Rally As This Bullish Triangle Has Formed On The Daily Timeframe
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Cardano’s price action shows signs of recovery after the latest decline, with crypto bounced from its lower support levels. Cardano’s revenue has approached 1% in the past 24 hours, with an intraday high of $0.7613. The small but significant rebound caught the attention of technical analysts, and an interesting analysis shows that the asset has been trading for several months in a well-defined chart pattern.
In particular, a technical analysis of Cardano/USDT daily schedule chart shows that cryptocurrencies trade within a triangle may be now cheering for the $1.50 rally.
Triangular formation says Cardano can be set to 100% mobile
one Recent Analysis TradingView stressed that Cardano has been trading in a triangle form over the daily time frame since November 2024. The pattern is highlighted by a series of lower layers and higher low points, shaping the formation of the fusion lower and upper streamlines. The latest price has fallen Cardano from Prior to support for the lower boundary of the triangle, up to $1.1747, the price is $0.647.
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Its performance trend within the triangle in the past six months, next Move after this support is another gathering of the upward trend line. The recent push for the past 24 hours seems to strengthen the formation, as it may mark the Towards Upper resistance level.
Once Cardano retests the upper trendline of the triangle again, the key point of this triangle formation is the potential for explosive movement. According to analysts, if Cardano’s price exceeds the upper trendline, it could lead to a $1.5 increase, which is a 100% rally at the current price level.
Can ADA reach $1.5? Observation of resistance and breakthrough zone
The upper trend line of the triangle is currently the most critical resistance level for Cardano prices. Cardano has tested this resistance about three times since November, making any approach a critical moment in its price trajectory. If the buyer gains enough momentum and pushes the price higher, it may break through quickly and potentially send assets Towards the projection $1.5 Target. However, it is still possible to reject it here, especially considering the market Transition to bearish sentiment In the past few days.
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Market sentiment will greatly affect whether Cardano has achieved its expected price target. Overall trends in the crypto market, Especially the Bitcoin movement, It will affect how quickly Cardano can reach this level. In particular, the speed at which Cardano approaches the upper trend line will determine whether there is enough force to break through the upper trend line.
At the time of writing, Cardano is trading at $0.7205, and it is possible that it will even be possible to retest the support trendline again in the next few hours.
Featured images from Istock, charts from TradingView.com
