Convergence

Cardano

Rally

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/baW0VZp5-e1701789582280.png" class="attachment-full size-full wp-post-image" alt="ADA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Cardano (ADA) Price Prediction: In November, Cardano (ADA), ranked the 8th largest cryptocurrency by market capitalization, <a href="https://coingape.com/markets/cardano-price-prediction-ada-at-a-crossroads-will-bullish-fractal-play-out-or-crash/">experienced significant volatility</a>, largely trading below the key psychological resistance level of $0.12. While this consolidation phase might have reflected uncertainty among investors, the technical chart formation suggested a more optimistic scenario. Developing a bullish pennant pattern indicated a period for traders to regroup and recharge the bullish momentum. Consequently, a recent breakout from the pattern’s resistance trendline has poised ADA for a directional rally. 
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<h2 id="b-ada-price-released-from-three-weeks-consolidation-b">ADA Price Released from Three Weeks Consolidation</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">An upside breakout from the triangle pattern should release the buildup of bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The rising ADA price may face renewed supply pressure at the $0.457 mark</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $361.6 Million, indicating a 30% loss</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/baW0VZp5.png" alt="Cardano Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Cardano Price Prediction | TradingView Chart
 </figcaption>
</figure> 
For the past three weeks, the <a href="https://coingape.com/price/cardano/">Cardano price</a> movement has been relatively flat, confined within the converging trendlines of a pennant pattern. The mix of green and red candles indicated market indecisiveness, but from the beginning of December, the ADA coin started to gain momentum. 
<blockquote>
 Coinciding with the broader market’s recovery, the ADA price broke out from the pennant’s resistance trendline on December 2nd, leading to a 2.7% increase in its price to the current trading value of $0.3976.&nbsp;
</blockquote> 
Should the pattern fully materialize, the ADA price may target a 15% rise to approximately $0.475, followed by an extended recovery potentially reaching $0.556. 
<h2 id="b-whales-accumulation-rises-b">Whales Accumulation Rises</h2> 
<figure id="attachment_167841" aria-describedby="caption-attachment-167841" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-167841" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30.png" alt="Cardano | IntotheBlock" width="1578" height="595" srcset="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30.png 1578w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30-300x113.png 300w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30-1224x462.png 1224w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30-768x290.png 768w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30-1536x579.png 1536w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-05_20-33-30-150x57.png 150w" sizes="(max-width: 1578px) 100vw, 1578px">
 <figcaption id="caption-attachment-167841" class="wp-caption-text">
 Cardano | IntotheBlock
 </figcaption>
</figure> 
IntoTheBlock, a leading on-chain data provider has recently projected a <a href="https://coingape.com/cardano-ada-price-rises-with-soaring-transactions-signaling-institutional-interest/">surge in large transactions</a> (those over $100,000) within the Cardano network. This increase in large transactions typically signals heightened activity from institutional or large-scale investors, suggesting a growing interest or confidence in ADA’s long-term value. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: Despite the long consolidation, the 20-day EMA slope has continued to offer dynamic support to ADA price.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A potential bullish crossover between the Mexican signal and would revise the recovery sentiment in the market.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/cardano-price-prediction-as-bullish-pattern-sets-40-rally/">Cardano (ADA) Price Prediction As New Bullish Pattern Hints a 40% Rally Ahead</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Cardano (ADA) Price Prediction As New Bullish Pattern Hints a 40% Rally Ahead

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