The cryptocurrency market is gaining traction as speculation about potential US Federal Reserve interest rate cuts builds, particularly for Ethereum and Cardano.
Market Overview
Amid expectations of Federal Reserve interest rate cuts, the cryptocurrency market shows optimism. Ethereum (ETH) is trading around $4,650, recording an 8% gain over the past week. Several other altcoins are also displaying positive momentum, including Cardano (ADA).
Cardano's Behavior and Chart Patterns
Cardano has noted a 10% increase over the past week and is forming a chart structure similar to that associated with a significant breakout of the token Cronos (CRO). On the daily chart, ADA has surpassed several key resistance levels and is currently near a descending resistance trendline.
Cardano's Future: Growth Potential
If ADA continues to follow the chart pattern, a breakout above the descending resistance could signal the start of the next major rally. A key confirmation would occur if ADA breaks and holds above the $1.3280 resistance level. If this occurs, ADA could potentially reach the $2.00 zone, indicating a 100% increase from current levels.
As Cardano continues its development in the context of an overall market upswing, monitoring its movements and signs of confirmation will be crucial in predicting ADA's future growth.
