Cardano

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<ul>
 <li>An analyst foresees Cardano’s potential bullish move above $0.638 to reach $0.70.</li>
 <li>The descending triangle pattern signals a bearish trend, highlighting $0.613 support.</li>
 <li>Despite a 3.9% drop, Cardano maintains profits, up 6% in seven days and nearly 60% in December.</li>
</ul>
A leading analyst has illuminated potential bullish movements for Cardano (ADA) despite the prevailing bearish sentiment. Renowned for spot-on predictions, the analyst envisions ADA’s price surging beyond $0.638 toward an impressive $0.70 mark.
This <a href="https://x.com/ali_charts/status/1735740572147515658?s=20" rel="noopener noreferrer nofollow">projection</a> comes against the backdrop of a discernible descending triangle pattern evident in ADA’s lower timeframes. Such patterns traditionally signal a bearish trajectory, characterized by a downward upper trendline and a relatively horizontal lower trendline. Yet, the analyst contends that this pattern might serve as a pivot point, potentially catapulting ADA’s value upward in a trend shift.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/J_-Od5kKCh88UQ1zVr_uVXHHYCrH0DgLG4pB8mEC0SAxajQDMNgernhgS65Y-l6X_tnz_y-vVNlxtKRgRJFDmNVCSGVaHM6FNDk9G2DnHohISmrUr4uBpv6yzghMl0vMM8joCQivlsZ3bW547rXOaAI" alt="">
</figure>
Source: ali_charts
Specifically, the forecast hinges on a critical juncture: a sustained breach above the $0.638 mark. Should Cardano manage to consolidate above this level, it could pave the way for a notable 15% surge, propelling its value to the coveted $0.70 milestone.
However, cautious optimism accompanies this projection. The descending triangle’s lower trendline at the $0.613 support level emerges as a pivotal indicator. Any weakness at this juncture might impede the anticipated bullish momentum, warranting a close watch for investors.
Despite a recent 3.9% price decline, Cardano has maintained an impressive trajectory in profitability. Over the past seven days, ADA has showcased resilience, marking a 6% uptick and demonstrating an astounding nearly 60% surge in December alone. These figures underscore ADA’s resilience amid market fluctuations, solidifying its position as the 8th largest asset in the cryptocurrency sector, boasting a market cap of over $21.46 billion.
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The post <a href="https://cryptonewsland.com/top-analyst-projects-cardanos-momentum-towards-0-70/" rel="noopener noreferrer nofollow">Top Analyst Projects Cardano’s Momentum Towards $0.70</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Top Analyst Projects Cardano’s Momentum Towards $0.70

Crypto News Land

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