Cardano

Cryptocurrency

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 <p class="paragraph">Cardano (ADA) is about to confirm a possible <a rel="noopener noreferrer nofollow" title="break-" href="https://thebittimes.com/tag/break.html">break-</a>out from a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> pattern. According to a renowned analyst, ADA could reach $0.78 per token in the short term if the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> chart plays as expected.</p>
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 <p class="paragraph">Essentially, Ali Martinez (<em>@ali_charts</em>) spotted a symmetrical triangle on Cardano’s 4-hour chart. This triangle is formed when an asset trends sideways, making lower highs and higher lows as volatility slows down.</p>
 <p class="paragraph">In particular, Martinez posted his analysis on December 27 at 13:40h (UTC), setting a target price of $0.78. However, this target is only possible if ADA breaks out from the symmetrical triangle.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">On the 4-hour chart, #Cardano is shaping up a symmetrical triangle! The crucial point to watch is a sustained candlestick close above $0.63. <br><br>Such a move will trigger a <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>out that could set the stage for $ADA to rally toward $0.78. pic.twitter.com/AKSo95k7x9</p>— Ali (@ali_charts) December 27, 2023
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 <p class="paragraph">These conditions usually depend on a candle closure and successful retests as a validation. In this case, Ali Martinez explained that Cardano’s 4-hour candle must close above $0.63 in a sustainable manner.</p>
 <h2 class="wp-block-heading" id="h-cardano-break-out-and-price-analysis">Cardano break-out and price analysis</h2>
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 <p class="paragraph">Interestingly, ADA is trading at $0.628 as of writing, with less than three hours left for a 4-hour candle closure. Cardano is already struggling to maintain its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above the $0.63 threshold, which was achieved a few minutes before press time.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="661" src="https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp" alt class="wp-image-145776" srcset="https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp 1024w, https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp 300w, https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp 768w, https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp 1536w, https://cdn.thebittimes.com/images/2023/12/28/4fb85ec8bd4bcc6658fa6ce188e0c641.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Cardano (ADA) 4-hour price chart. Source: <em>TradingView</em>
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 <p class="paragraph">Therefore, Cardano traders and investors are now waiting to see if ADA will meet Martinez’s condition. A break-out confirmation is crucial for a sentiment pivot from neutral to bullish, igniting a short-term rally for Cardano’s native token.</p>
 <p class="paragraph">Nevertheless, failing to <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> upwards would put ADA back into the triangle range. Thus threatening a bearish dominance if it finally <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>s this pattern downwards.</p>
 <p class="paragraph">All things considered, trading chart patterns are a probability and uncertain game. The cryptocurrency market is highly volatile, and anything can happen in the short term. Speculators must remain cautious and apply proper risk management in their operations.</p>
 <p class="paragraph"><strong><em>Disclaimer: </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-price-prediction-amid-possible-ada-break-out-tbt74932.html">https://thebittimes.com/cardano-price-prediction-amid-possible-ada-break-out-tbt74932.html</a></p>

Cardano price prediction amid possible ADA break-out

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