Cardano’s Ongoing Price Consolidation Might be Setting the Stage for a Potential 270% Price Jump
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A decrease in price volatility for Cardano (ADA) is spearheading bullish sentiments for the asset, as market participants anticipate stability in the near term.
ADA has kicked off the new week on a promising note, after shedding massive gains in the previous week. The altcoin appears to be making a slow recovery as the broader crypto market corrects upwards.
Observing the asset’s current state, prominent pseudonymous analyst Ali_Charts took to X to notify his 135,000 followers that ADA is primed for a fresh rally.
“Cardano ADA is still consolidating within a triangle pattern,” he noted. In the 1-hour technical chart shared with X, bulls and bears take turns with market dominance. The pattern has continued since the start of April and is likely to persist until the end of the month.
The analyst, referring to the triangle formation as a bullish uprising, asserts that the pattern is “setting the stage for a potential 27% price move.”
What seemed like a validation of the bullish sentiment has since followed, as the asset appears to be breaking out.
A price breakout would place ADA at previous support levels that also act as resistance. However, the move is yet to be fully confirmed, as ADA bulls are still struggling to sustain momentum at current price levels.
It bears mentioning that ADA’s trading volume is still relatively low, and as such, the breakout formation might be a dead cat bounce.
ADA is up 8.62% over the last hour and is currently trading at $0.67 at press time. The asset, along with other notable altcoins, has cleared most of the losses sustained in the previous weeks. Notably, the global crypto market cap has also increased, up 6.46% over the last day, pushing its value to $2.9 trillion.
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