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    Cardano price could rise 30% as crypto markets take to a revival course

    Source Fxstreet
    Feb 8, 2024 21:36
    • Cardano price action has consolidated into a descending triangle, but a reversal seems likely.
    • ADA could make a 30% climb if it manages a break and close above $0.5410.
    • A break and close below 0.4668 would invalidate the bullish thesis. 

    Cardano (ADA) price continues to consolidate below a descending trendline, a bearish technical formation that extended the choppy altcoin market. However, this outcool appears to be changing as cryptocurrency markets take to what appears to be a revival course. 

    Also Read: Cardano price could rise 15% as shark and whale wallets resurface

    Cardano could bottom out around now

    Cardano (ADA) price downtrend has lasted since mid-December, falling around 30%. The price may have bottomed out as the altcoin confronts the blockade. Increased buying pressure could see ADA price overcome the trendline to confront the resistance confluence between the 50-day Simple Moving Average (SMA) and the horizontal line at $0.5419.  

    Key levels to watch beyond this level include the $0.5908 roadblock, 10% above current levels, or  high at $0.6412. In a highly bullish case, the gains could see the Cardano price complete the 30% climb to $0.6800.  

    ADA/USDT 1-day chart

    On the other hand, a rejection from the descending trendline could see ADA price continue below the foothold of the trendline, potentially testing the $0.4668 bottom, nearly 10% below current levels. 

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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