- ADA formed an ascending triangle, suggesting a potential 25% price gain to $1.45.
- Strong technical indicators, like CMF and OBV, support ADA’s bullish momentum toward $1.5.
- Key liquidity zones around $1 and $1.2 could influence ADA’s price action in the short term.
Cardano (ADA) made a big splash in November, surging by 200%. After this rally, the altcoin has cooled down, but many investors are still hopeful. Can ADA continue its upward movement and reach $1.5? Several technical indicators and market factors suggest that a breakout may be on the horizon. Let’s dive into what could drive this potential price action.
ADA’s Bullish Pattern: Could ADA Break Out?
On the 4-hour chart, ADA has formed an ascending triangle. This pattern is often seen as a bullish signal, suggesting the price may rise. Typically, when this pattern breaks, ADA tends to surge by an amount equal to the triangle’s height. If this happens, ADA could climb to $1.45, offering a 25% increase from current levels.
Supporting this theory are key indicators like the Chaikin Money Flow and On Balance Volume. Both are above average, suggesting that the buying momentum may still have legs. With market sentiment also leaning positive, the path toward $1.5 looks possible.
However, caution is needed. A drop below the lower boundary of the triangle would invalidate the bullish setup. In this case, ADA might retrace to the $0.9 support level, which could signal a potential shift in the market.
Key Levels to Track
Looking at broader market data, there are important liquidity zones that traders should watch. Around $1, there’s strong buying interest from long-leveraged positions. Just above $1.2, a pool of short-sellers has stacked up.
These liquidity zones could influence ADA’s price movement, as market makers often target them. This means ADA could see a temporary drop to $1 before continuing its climb above $1.2. However, if the price falls below $1, the outlook may turn bearish.
The next few days will be crucial in determining whether ADA can break the $1.5 mark or face further challenges. For now, ADA’s journey toward $1.5 remains in play, depending on how the market responds to these critical levels.
The post Cardano Price Outlook: Can ADA Reach $1.5 and Grow Further? appeared first on Crypto News Land.
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