Cardano

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Bitcoin

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/pK7aklvn-e1702499800745.png" class="attachment-full size-full wp-post-image" alt="ADA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Cardano Price Prediction: Amid the recent wave of <a href="https://coingape.com/here-why-bitcoin-and-crypto-market-falling-today/">selling pressure</a> in the crypto market, the Cardano price witnessed a minor pullback from the $0.647 mark. Though the correction caused a 20% retracement in the altcoin’s value, it lay with a safety net of Fibonacci retracement and developed into a bullish continuation pattern, indicating the buyer’s strength. 
Also Read: <a href="https://coingape.com/breaking-cardano-foundation-launches-new-mobile-wallet/">Cardano Foundation Launches New Mobile Wallet</a> 
<h2 id="b-pennant-pattern-hints-continuation-of-uptrend-b">Pennant Pattern Hints Continuation of Uptrend</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The ADA price out from flag pattern sets buyers’ potential for higher recovery</li> 
 <li style="font-weight: 400;" aria-level="1">A 23.6% Fibonacci retracement hints at healthy retracement</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $1.84 Million, indicating a 7% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/p/pK7aklvn.png" alt="Cardano Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Cardano Price Prediction| TradingView Chart
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/cardano/">Cardano price</a> entered into an aggressive recovery mode in December, where the coin surged from $0.37 to $0.647 to register 73.3%. This recovery aligned with broader market sentiment and increased volume accentuates sustainable growth. 
<blockquote>
 However, on December 11th, the market witnessed a sudden supply pressure which temporarily plunged the ADA price to $0.51. This retracement in the 4-hour time frame chart showed the formation of a Pennant pattern which accentuates minor pullback before the next leap.
</blockquote> 
Today, with an intraday gain of 11.8%, the ADA price gave a decisive breakout from the pattern resistance trendline with a suitable follow-up. If the patterns play out in ideal conditions, the post-breakout rally should chase the $0.737 mark, followed by $0.87, to register 35% potential growth. 
<h2 id="b-ada-vs-btc-performance-b">ADA vs BTC Performance</h2> 
<figure id="attachment_169203" aria-describedby="caption-attachment-169203" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-169203 size-full" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-14_02-05-12-e1702500009392.png" alt="Cardano vs Bitcoin price" width="1200" height="675">
 <figcaption id="caption-attachment-169203" class="wp-caption-text">
 Source- Cardano vs Bitcoin price
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</figure> 
In a comparison article, the Cardano and Bitcoin have shown significant growth in the last two months. However, a keen difference between them would be that the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> showcased steady growth which is preferred for breakout trades, while the ADA price showed significant occasional retracement to grab pullback opportunities. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: An upswing in the ADX slope at 24% hints the buyers have enough strength to lead further rally.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The rising ADA price challenging the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> reflects bullish momentum and is aggressive.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-prediction-as-pennant-pattern-sets-a-34-rally/">Cardano Price Prediction As Pennant Pattern Signals a 34% Breakout Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction As Pennant Pattern Signals a 34% Breakout Rally

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