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HomeNewsCardano’s Promising Buy Signal Could Lead to an 82% Rise in Prices

Cardano’s Promising Buy Signal Could Lead to an 82% Rise in Prices

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  • Cardano (ADA) might experience an 80% breakout if a recently observed buy signal on the daily chart is confirmed.
  • This bullish signal was triggered by ADA’s touch of the 0.618 Fibonacci retracement level, potentially propelling the price to surpass $0.55 and target higher levels at $0.69 and even $0.93.

Bullish Signal Paves the Way for Cardano’s Upside Breakout

Cardano (ADA), currently the eighth-largest cryptocurrency by market capitalization, is showing signs of a potential 80% upside breakout, driven by a critical buy signal recently identified on its daily price chart. This bullish development comes in light of ADA‘s interaction with the 0.618 Fibonacci retracement level, as highlighted by crypto analyst Ali.

Analyzing the Bullish Signal

According to Ali, the buy signal that has emerged on the Cardano daily chart is the result of ADA’s recent touch of the 0.618 Fibonacci retracement level. This level is considered significant in technical analysis, often acting as a crucial support or resistance point.

Potential Price Targets

Ali’s analysis suggests that if this bullish signal holds true, Cardano (ADA) has the potential to break past its current resistance at $0.55. Beyond that, it could aim for higher price targets, notably $0.69 and, ambitiously, even $0.93. Reaching $0.93 would signify an impressive 82% increase from the current price levels.

At the time of writing, Cardano was trading at $0.4977, experiencing a 2.92% decrease in the last 24 hours, primarily due to broader market fluctuations.

Market Context

It’s worth noting that the broader cryptocurrency market is currently experiencing volatility, partly driven by heightened expectations regarding the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin spot exchange-traded fund (ETF). The recent market turbulence was exacerbated by a fake statement posted on the SEC’s social media account, falsely claiming the approval of Bitcoin ETFs.

Despite the overall market conditions, Ali’s analysis remains optimistic about Cardano‘s prospects, drawing parallels between its current price pattern and that observed in 2018-2020.

Forward-Looking Prediction

Ali predicts that if Cardano‘s current price pattern continues to mirror that of 2018-2020, ADA may consolidate around its current price levels until April. This consolidation period could potentially set the stage for a renewed bullish trend.

In conclusion, Cardano‘s technical indicators and historical patterns suggest the possibility of a significant upside breakout. However, as with any cryptocurrency investment, it’s essential to conduct thorough research and consider the inherent risks associated with the volatile cryptocurrency market.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628
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