Cardano (ADA) Explodes From Bull Pennant — Can It Hit $1.60 Next?
Main Idea
Cardano (ADA) has broken out of a long-term pennant formation, with analysts predicting potential price targets and noting increased market activity.
Key Points
1. Cardano (ADA) broke out of a multi-month pennant formation, retesting the $0.85 level, which now acts as short-term support.
2. Analyst Jonathan Carter identified potential upside targets at $1.03, $1.17, $1.33, and $1.60 based on historical price action and high-volume areas.
3. The Relative Strength Index (RSI) is below 70, indicating room for further upward movement before reaching overbought levels.
4. Historical trends suggest ADA could follow a similar structure to past 200%-300% moves, with a possible target of $2.40.
5. Futures activity and market participation in ADA have increased, with open interest reaching $1.7 billion, signaling growing investor interest.
Description
TL;DR ADA breaks past $0.85, flipping resistance into support and setting up a possible run toward $1.60. Futures open interest rises to $1.7 billion, indicating strong interest from traders across the board. A long-term chart pattern suggests that ADA could repeat past surges and push toward the $2.40 area. Cardano Breaks Out of Multi-Month Pattern Cardano (ADA) has moved out of a long-running pennant formation after months of trading between declining trendlines. The pattern, which began in la...
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