- Cardano holds strong above $0.83, signaling bullish sentiment as traders eye profit targets between $1.01 and $2.21.
- A bullish wedge pattern and higher lows suggest mounting pressure for a breakout, with long-term trends favoring growth.
- Santana cautions volatility remains possible, but Cardano’s resilience and technical support point to sustained upward momentum.
Cardano (ADA) is set to continue with the bullish trend after some consolidation and retracement had taken place. The analysis indicates that the cryptocurrency has stable technical support; its further price increase is expected. In a recent X post, Alan Santana pointed out that a falling wedge pattern, which is considered a bullish pattern, has appeared during the recent correction of Cardano’s price.
After this phase, ADA gave an upturn but pulled back after getting to some resistance level. But the price did not break the important supports, keeping a good upward structure with a higher low. This suggests that the existing upward trend is more probable to persist than to turn into bearish trend reversal.
Cardano’s Key Price Levels
The price change on December 20 was a critical level for Cardano and marked a bottom. The subsequent pull backs could not touch those lows showing that the path was northward. It has been noted that ADA is currently trading above the crucial $0.83 level which is considered as the mark of very bullish sentiment. The price should remain positive as long as it is trading above $0.76, for Cardano.
As pointed by Santana, entry level for traders has been seen between $0.83 and $0.93 and targets for profit may be seen between $1.01 and $2.21. A stop loss order is put on at the weekly close below 0.80 cents in order to limit the possible losses.
Weaknesses and strengths are akin to aspects that indicate market conditions; Cardano’s chart appears strong, but analysts warn that volatility is always a possibility. A drop of support on weekly chart might lead to lower prices but temporary breakdowns on hourly or daily charts are less threatening as prices usually bounce back.
Long-Term Bullish Trends
Looking at the longer timeframe for Cardano, most traders are still hoping for the coin to break out of this consolidation phase. Data points like, the bullish wedge and the higher lows confirm the build up of pressure in anticipation of a large directional move. Side ways movement is still possible in the short term while the long term trend is still up.
Investors and traders are interested in the preservation and the breakdown of important levels for the Cardano cryptocurrency. The price support above $0.83 is important in order to build confidence in the market. At the time of writing this article, ADA is trading at $0.9563, a 4.39% upsurge in the last 24 hours.
Cardano’s performance during the previous downticks has made it a potentially bright asset in the cryptocurrency market. Despite the dangers, it seems that positive trends for ADA will persist in the coming weeks and months. Thus, Cardano’s results in the short term, when it does or does not meet its goals, may determine its future course.