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WallStreet Forex Robot 3.0
Marktkapitalisierung
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Bitcoin Aktie
Finbold 2025-01-31 15:22:22

Is Cardano (ADA) gearing up for a 40% move?

Is Cardano (ADA) gearing up for a 40% move?

While Cardano ( ADA ) saw a notable move to the upside in November of 2024, as the wider crypto market entered a bull run, prices quickly receded. As a result, the digital asset provided a 47.2% return over the course of the year. Those results aren’t bad, by any stretch of the imagination — but they are relatively lackluster when compared to notable peers and rivals such as Solana ( SOL ), which secured a 77.03% gain in the same period. By press time on January 31, the price of Cardano was $0.97124. Since the start of 2025, ADA has seen an 11.56% surge in price — although it has struggled to reclaim the $1 mark since January 20. ADA price year-to-date (YTD) chart. Source: Finbold However, the choppy price action seen as of late might be coming to an end — as one noted technical analyst has pointed out a chart pattern that suggests Cardano prices could experience a significant shift in the near term. Crypto researcher anticipates sharp change in ADA price Since the beginning of December, Cardano has been consolidating within a symmetrical triangle chart pattern, as shared by renowned cryptocurrency analyst Ali Martinez in a January 31 post on social media platform X . The symmetrical triangle pattern consists of two converging trendlines. To ascertain a price target, traders take the height of the triangle at its beginning and add it to a hypothetical breakout point. Per the chart, at present, this would imply a 40% price move. #Cardano $ADA is consolidating within a symmetrical triangle, setting up for a breakout that could trigger a 40% price move! pic.twitter.com/7HAgD8UhXs — Ali (@ali_charts) January 31, 2025 Here’s where things get a tad more complicated — unlike most other chart patterns , a symmetrical triangle is neither immanently bullish nor bearish. Martinez chose his words correctly, although some might miss the implication — the aforementioned 40% price move could be in either direction. A 40% surge to the upside would bring the price of ADA up to roughly $1.35974, a mark last seen in mid-December of 2021. Conversely, a 40% move to the downside would see Cardano changing hands at a price of just $0.58274 — effectively erasing all of the gains that the cryptocurrency has seen since February of 2024. As attention-grabbing as Martinez’s chart might be, readers would do well to remember that nothing happens in a vacuum — and while technical analysis can provide a piece of the puzzle, on its own, it generally isn’t enough to draw a definitive conclusion. Featured image via Shutterstock The post Is Cardano (ADA) gearing up for a 40% move? appeared first on Finbold .

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