Cardano Price Retracement Positions for $1.5 Jump
Wednesday saw a slight uptick in the crypto market as Bitcoin maintained its position above $90,000. This relief rally also boosted altcoins like ADA, which is currently undergoing a healthy correction. ADA is trading at $1.009 with a 5% gain, and its market cap is around $35.5 billion.
The formation of a “bull flag” pattern suggests a temporary pullback for buyers before the next leap. The RSI indicator shows that market buyers are gaining control over ADA, hinting at a bullish breakout from the current correction.
In the past week, ADA experienced a correction from $1.15 to $0.99, but this retracement is seen as a breather for buyers after a recent pump. The bull flag pattern on the 4-hour chart indicates a consolidation phase before a potential rally to $1.35-$1.5.
Renowned analyst Ali Martinez highlighted that Cardano whales bought over 130 million ADA during the recent price dip, showing confidence in a potential rebound. The altcoin holding above the 0.236 Fibonacci retracement level also suggests a healthy pullback to regain bullish momentum.
Overall, Cardano’s price is poised for a major reversal, with potential for a breakout rally in the near future.
