In the cryptocurrency world, discussions have intensified regarding the potential new growth of Cardano (ADA). Based on current technical indicators and historical patterns, analysts suggest a significant price rally might be possible.
Current Cardano Price Analysis
Cardano is currently priced at $0.6926, showing minor consolidation around the critical support level of $0.68-$0.70. Recent trading sessions have shown a sideways movement with the formation of a falling wedge pattern on the 4-hour chart. A breakout above the wedge's inclined upper boundary around $0.75 would activate a bullish pattern with targets at $0.80. On the downside, a breakdown below $0.68 will find subsequent support levels at $0.60.
Historical Patterns and Their Significance
Market analyst Av_Sebastian notes that Cardano often shows brief consolidation followed by a rapid increase of 200-300%. For example, during November-December 2024, the price rose by more than 300%. The current market structure resembles past conditions prior to such rallies, leading analysts to expect a similar trajectory in February-March 2025, aiming for a price target of $2.50.
Technical Indicators on the Rise
The Relative Strength Index (RSI) for Cardano is currently at 38.85, nearing the oversold region, which suggests that bearish trends are waning, allowing bulls to take control of the market. The MACD indicates a rising bullish signal, having shifted to the positive side while the signal line approaches this level.
Considering the current analysis of market and technical data, Cardano might experience a significant price rally based on historical patterns and supported by positive technical indicators. Analysts anticipate this could lead to achieving price levels around $2.50 in the coming months.
