In the last 24 hours, Cardano price has risen from $0.78 to $0.88, indicating increased market activity and investor interest.
Positive Momentum and Technical Indicators
Market analysis by Christopher Visser indicates a bullish setup in the price chart. He argues that the price action has created a wedge formation on the daily chart between a descending resistance line from 2021 and long-term support near $0.23. Currently, Altcoins are testing the resistance zone between $0.88 and $0.92.
Volatility Compression and Bollinger Bands
On the six-hour Bollinger Band chart, a significant volatility squeeze is observed, suggesting a potential sharp price movement. The bands indicating price volatility are tightening as Cardano approaches the middle band between $0.7975 and $0.8051. If Cardano can hold around this important zone for a few hours, the compression may lead to a substantial breakout.
Analysts Eye Cardano Price Breakout Potential
Analyst Ali Martinez also focuses on the breakout potential of Altcoin. Cardano is testing its 0.5 Fibonacci retracement at $0.83. If the price holds this for support, it is likely to break through the next resistance at $0.92. Martinez marked $1.50 as the final target at the upper boundary of the long-term descending channel.
Increasing momentum and buying pressure support the possibility of a rally towards $1.50, indicating a continuation of the bullish trend.
