Cardano

Rally

2024

Reversal

The <a href="https://coingape.com/cardano-founder-breaks-silence-on-nami-malfunction-heres-what-happened/" rel="noopener noreferrer nofollow">Cardano (ADA)</a> cryptocurrency has demonstrated a notable recovery since late January, as its price rebounded from a low of $0.444, marking a significant turnaround for investors surge represents a 75% increase within just 41 days, propelling the price to its current standing of $0.783. This impressive upswing is not just uplifted by broader market bullishness, but also a solid technical formation and increasing market sentiment toward Cardano.
Also Read: <a href="https://coingape.com/xrp-news-cardano-charles-hoskinson-maxes-out-donation-for-john-deaton/" rel="noopener noreferrer nofollow">Cardano’s Charles Hoskinson Maxes Out Donation For XRP Lawyer John Deaton</a>
<h2 id="b-cup-and-handle-formation-sets-early-sign-for-trend-reversal-b">Cup and Handle Formation Sets Early Sign For Trend Reversal</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/o/oHenOWVF.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="893">
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 Cardano Price| Tradingview
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One of the most compelling aspects of Cardano’s recent price movement is the completion of a cup and handle pattern, a formation that has been developing for nearly two years. The “cup” part of the pattern represents a period of consolidation and recovery, while the “handle” indicates a slight pullback before a significant price increase.
<blockquote>
 On March 1st, the <a href="https://coingape.com/sponsored/cardano-ada-holders-flood-their-cryptocurrency-wallets-with-500x-token-option2trade-o2t/" rel="noopener noreferrer nofollow">ADA</a> price gave a decisive breakout from the neckline resistance of this pattern, signaling the asset entering a high momentum recovery. Last Sunday, the coin price showcased a daily candle with long rail rejection at $0.68 reflecting the buyers witnessing demand pressure at new support.&nbsp;
</blockquote>
&nbsp;Moreover, Renowned market analyst Ali (@ali_charts) reports a bullish trend for Cardano, noting a rise in ADA’s active addresses and trading volume. Data from Santiment confirms increased network engagement and whale activity, signaling continued growth and robust health in the Cardano ecosystem.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The uptrend in <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> appears healthy! There's a notable rise in daily active <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> addresses, transaction volume, and transactions from <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADA</a> whales.
 This increasing activity signifies strong network engagement and investor interest, positive indicators for continued growth. <a href="https://t.co/pIG08GNl7G" rel="noopener noreferrer nofollow">pic.twitter.com/pIG08GNl7G</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1763928869705281810?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 2, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Under the influence of the pattern, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> is set to chase the theoretical target of $1.14, projecting a potential target of 47%.
However, this recovery won’t be unidirectional, and coin holders may witness occasional pullback to 20-day EMA.
Also Read: <a href="https://coingape.com/cardano-ada-price-jumps-12-in-pursuit-of-1-major-rally-coming/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Surges 12% In Pursuit of $1, Major Rally Coming?</a>
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope at 26% projects the buyers hold sufficient momentum to prolong this rally.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The fast-moving <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> 20- and 50-day EMA may provide dynamic support in the current recovery.</li>
</ul>
The post <a href="https://coingape.com/markets/cardano-price-escape-from-22-month-rally-1/" rel="noopener noreferrer nofollow">Cardano Price Escape From 22-Month Accumulation Sets a Rally Beyond $1</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cardano Price Escape From 22-Month Accumulation Sets a Rally Beyond $1

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