Cardano Price Update: Healthy Retracement Points to $1.5 Next Leap
During the Wednesday Asian market session, the crypto market saw a slight uptick with Bitcoin’s price holding above $90,000. This increase also gave a boost to major altcoins like ADA, which is currently in a correction trend. Cardano’s price is showing a formation of a familiar pattern called a “Flag” within the healthy retracement range for Fibonacci supports. As of now, ADA is trading at $1.009 with a 5% gain for the day, and its market cap stands at $35.5 Billion with a volume of $3.1 Billion.
The flag formation suggests a temporary pullback for buyers before the next jump. With a 5% increase today, Cardano’s price hints at a bullish breakout from the current correction. The RSI indicator also supports this with a reading above 50%, indicating buyers regaining control over the ADA coin.
In recent days, Cardano’s price has experienced a correction from $1.15 to $0.99, a loss of 14.2%. This retracement is seen as a momentary pause for buyers after the previous pump. Supporting the bullish outlook is the formation of a ‘bull flag’ pattern in the 4-hour chart, hinting at a consolidation phase before a potential breakout to $1.35-$1.5. Renowned analyst Ali Martinez also highlights that Cardano whales bought over 130 million ADA during the recent price dip, indicating confidence in a potential rebound.
The altcoin’s ability to hold above the 0.236 Fibonacci retracement level further indicates a healthy pullback for buyers to regain bullish momentum. This dynamic rally in Cardano’s price could lead to a potential surge of 50%.
Overall, Cardano’s price seems poised for a major reversal with strong bullish indicators in place. Keep an eye on the next leap in ADA’s price as it navigates through the current correction trend.
