Convergence

Cardano

Rally

2024

Resistance

Amid the current market recovery, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> managed to reclaim the $0.5 psychological level on February 8th. This uptick also breached the resistance trendline which carried the last five weeks’ correction suggesting the buyers are ready to regain lost growth. Will this bullish momentum hold to surpass the $0.7 mark?
Also Read: <a href="https://coingape.com/markets/cardano-ada-price-resistance-to-trigger-35-rally/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Teases Key Resistance to Trigger 35% Breakout Rally</a>
<h2 id="b-ada-price-breakout-hints-end-of-correction-b">ADA Price Breakout Hints End Of Correction</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/o/OEJoTPXp.png" alt="BINANCE:ADAUSDT Chart" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Cardano Price| Tradingview
 </figcaption>
</figure>
For over a month, the Cardano price has witnessed a steady correction, which plunged its value from $0.677 to $0.447. While this 33.8% downfall must have shaken out the weak-hearted traders, a notable number of ADA holders have kept their belief in higher recovery.&nbsp;
Recent data from IntoTheBlock reveals that 23% of Cardano ($ADA) holders have kept their investments for over five years. This significant portion of long-term holders underscores the confidence and belief in Cardano’s potential and stability, reflecting a trend of strategic, long-term investment within the cryptocurrency community.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 23% of Cardano holders have held their <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> for more than 5 years<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f48e.png" alt="💎" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/cOn7uFo16P" rel="noopener noreferrer nofollow">pic.twitter.com/cOn7uFo16P</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1755562968484290966?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Adding on the bullish note, the recent correction in <a href="https://coingape.com/blog/will-cardano-exit-top-10/" rel="noopener noreferrer nofollow">ADA</a> price developed into a continuation pattern called the pennant pattern. This technical pattern is a common observation in strong uptrends providing buyers an opportunity to revive momentum.
Moreover, this correction trend rebounded from the 50% Fibonacci retracement level, indicating they have a firm hold over this asset. On February 8th, the buyers gave a bullish breakout from the pattern’s overhead trendline, providing buyers with a suitable launchpad for a higher rally.&nbsp;
Currently trading at $0.534, if the <a href="https://coingape.com/blog/will-ada-price-recover/" rel="noopener noreferrer nofollow">Cardano</a> price managed to hold above the breached trendline at $0.5, the buyers could drive a rally to $0.62, followed by $0.675 and $0.75.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bullish crossover state between <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> and signal reflects a recovery trend among traders.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: An uptick in the upper boundary of Bollinger band indicators reflects that the buyers are aggressive in the current market.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/pi42-launches-doge-cardano-avax-link-pairs-whats-next/" rel="noopener noreferrer nofollow">Pi42 Launches DOGE, Cardano, AVAX, &amp; LINK Pairs – What’s Next?</a></li>
 <li><a href="https://coingape.com/cardano-news-top-analyst-predicts-ada-price-rally-0-68-here-why/" rel="noopener noreferrer nofollow">Cardano News: Top Analyst Foresees ADA Price Rally To $0.68, Here’s Why</a></li>
 <li><a href="https://coingape.com/charles-hoskinson-pokes-fun-at-solanas-latest-outage-cardano-rivalry-intensifies/" rel="noopener noreferrer nofollow">Charles Hoskinson Pokes Fun at Solana’s Latest Outage, Cardano Rivalry Intensifies</a></li>
</ul>
The post <a href="https://coingape.com/markets/is-cardano-price-to-0-7-investors-holding-rally/" rel="noopener noreferrer nofollow">Is Cardano Price Heading to $0.7? Investors Holding Pattern Hints For Prolong Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Cardano Price Heading to $0.7? Investors Holding Pattern Hints For Prolong Rally

Table of Contents

Coingape News Media

Other articles published on Feb 9, 2024

Binance Releases Proof Of Reserves: Here’s How Much DOGE, SHIB, And XRP It Holds

Binance Coin (BNB) Elliott Wave Analysis Signals Potential Upsurge

Bitcoin Spot ETFs Achieve $405 Million Inflows in Ten-Day Streak

Expedia (EXPE) Stumbles on Bookings Despite Earnings Beat, Drags Down Travel Stocks

Blackrock And Fidelity Spot Bitcoin ETFs Gather More Assets In First Month Than Any Other US ETF ...

Analysts: "Whales Landed in the Water in Bitcoin, the Price Started to Rise! BTC Could Reach $51,...

Join our free newsletter for daily crypto updates!