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Cardano Price Prediction: ADA Consolidation Suggests a 16% Breakout
For about 10 days, the price of Cardano has been stabilizing in a descending triangle pattern.
A breakthrough from this setup predicts a 16 percent move to the upside.
If ADA closes decisively below $1.20, the bullish argument will be demolished.
Cardano’s price has been consolidating above a critical level, creating nearly equal lows and lower highs, resulting in a bearish pattern overall. ADA, on the other hand, has a probability of a bullish breakout due to its placement in a significant demand zone.
Cardano’s price is aiming for higher highs.
Since December 7, the Cardano price has established three lower highs and about two equal lows around $1.20. A descending triangle is formed by connecting these swing points with trend lines. This technical formation is considered a bearish pattern since it frequently resolves to the downward. Cardano’s price, on the other hand, has created this consolidation pattern right above a daily demand zone spanning from $1.02 to $1.19. As a result, the odds of ADA falling are slim.
In any case, this setup predicts a 16 percent breakout to $1.51 by adding the distance between the initial swing high and swing low to the breakout point…
