2023-12-28 20:43 |
Cardano (ADA) has broken above $0.63 after today’s upside push. ADA is up by about 3% in the past 24 hours and looks set for a bullish continuation. Cardano has seen increased crowd interest in recent weeks as sentiment flipped bullish for crypto.
Cardano price at key levelAccording to crypto analyst Ali, Cardano’s token price could rally and retest May 2022 levels should bulls manage to hold above the current levels. The analyst indeed points to $0.63 as the area at which Cardano could launch the next phase of its upward move.
Ali said in a post on X that the cryptocurrency has formed a symmetrical triangle on the 4-hour chart. With this technical outlook, the crucial level bulls might need to see “a sustained candlestick close” is above the $0.63 line.
“Such a move will trigger a breakout that could set the stage for $ADA to rally toward $0.78,” the analyst noted.
On the 4-hour chart, #Cardano is shaping up a symmetrical triangle! The crucial point to watch is a sustained candlestick close above $0.63.
Such a move will trigger a breakout that could set the stage for $ADA to rally toward $0.78. pic.twitter.com/AKSo95k7x9
As shared, ADA/USD on the 4 hour is poised for a breakout above the upper trendline of the symmetrical triangle.
Key hurdles above the highlighted price levels could be at $0.64 and $0.67, with a possible rally to $0.78. This suggests a 24% spike, which is achievable given ADA has rallied 68% in the past month. A breakout could see ADA/USD target the psychological $1 level.
Notably, Cardano’s native token rallied to an all-time high above $3 during the last bull market.
Looking at Cardano in 2024The positive outlook for ADA comes as the Cardano community looks forth to the Chang hard fork, a network event that will initiate the bootstrapping period for Cardano’s governance model. The hard fork is expected to advance the smart contracts platform towards full community governance via Voltaire.
According to Cardano developer platform Emurgo, Chang hard fork is one of the many positive things to look forward to for the blockchain network in 2024.
Other developments will include the launch of third-party dApps on Cardano, further integrations for native wallet Yoroi and interoperability as the network’s DeFi ecosystem grows.
The post Cardano pierces key hurdle as analyst shares bullish ADA prediction appeared first on Invezz
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