Cardano

Bitcoin

Mina

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2023/12/q9O6TXAY-e1703702760792.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: In line with current market uncertainty, the Cardano coin price <a href="https://coingape.com/cardano-ada-price-drops-5-at-key-support-zone-will-the-rally-continue/">traded sideways</a> for nearly three weeks. The daily chart shows rejection candles on both sides indicating high volatility and no indication from buyers or sellers. However, this consolidation developed into a pennant pattern indicating that the buyers have an opportunity to resume the recovery trend. 
Also Read: <a href="https://coingape.com/arbitrum-cardano-and-mina-protocol-potential-2024-collaboration-on-the-horizon/">Arbitrum, Cardano, and Mina Protocol: Potential 2024 Collaboration on the Horizon</a> 
<h2 id="b-is-ada-price-ready-to-hit-0-8-b">Is ADA Price Ready to Hit $0.8?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the triangle pattern will trigger a directional rally.</li> 
 <li style="font-weight: 400;" aria-level="1">The midline of the Bollinger band indicator continues to offer strong pullback support.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $829 Million, indicating a 1.4% gain</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/q9O6TXAY.png" alt="Cardano Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Cardano Price Prediction| TradingView Chart
 </figcaption>
</figure> 
After witnessing an aggressive recovery in the last two months, the <a href="https://coingape.com/price/cardano/">Cardano price</a> hit a major roadblock at $0.68. This newfound supply pressure in tandem with market volatility turned the ADA price projection sideways. 
<blockquote>
 However, the consolidation resonating within two converging trendlines shows the formation of a bullish <a href="https://coingape.com/education/pennant-pattern/">pennant pattern</a>. This chart pattern, often spotted in between established rallies, indicates the buyers are having a mild breather to revive the recovery rally.
</blockquote> 
The new entries in the market should wait for a breakout above the overhead trendline to get confirmation of an upcoming rally. This post breakout would surge 27% up to hit the $0.8 mark.&nbsp; 
On a contrary note, if the prices break below the lower trendline, the Cardano coin may witness a significant correction&nbsp; 
<h2 id="b-ada-vs-btc-performance-b">ADA vs BTC Performance</h2> 
<figure id="attachment_171341" aria-describedby="caption-attachment-171341" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171341" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-28_00-09-44-e1703702701827.png" alt="Cardano Vs Bitcoin Price" width="1200" height="675">
 <figcaption id="caption-attachment-171341" class="wp-caption-text">
 Source: Coingape| Cardano Vs Bitcoin Price
 </figcaption>
</figure> 
In a comparison analysis, the Bitcoin and Cardano coins show a strong bullish outlook for their near future. However, a keen difference between them is that the ADA price shows a long post-rally correction which usually develops into a bullish continuation pattern like a flag or pennant, While the Bitcoin price shows gradual growth with new breakout opportunities. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope above the 50% mark indicates the market sentiment is positive on this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The converging boundaries of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> accentuate a highly volatile phase in this asset.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-prediction-hints-pullback-before-ada-hit-0-75/">Cardano Price Prediction Hints Last Pullback Before $ADA Hit $0.75</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction Hints Last Pullback Before $ADA Hit $0.75

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