Cardano Eyes 354% Climb with a Triangle Pattern Breakout Gaining Steam
Amid a 25.75% increase in daily trading volume, a bullish picture is being painted continuously in the Cardano (ADA) network. As a result, market analyst Javon Marks believes that the ninth-largest...
Amid a 25.75% increase in daily trading volume, a bullish picture is being painted continuously in the Cardano (ADA) network.
As a result, market analyst Javon Marks believes that the ninth-largest cryptocurrency is gearing up for a parabolic rally.
Marks pointed out, “ADA (Cardano) currently has a breakout target in-between $2.70 – $2.91 and with prices coming off of key volume as well as looking to be in a bull flag here, another major leg up towards the reaching of these levels can be coming. A more than +354% climb for ADA can be loading.”
Based on this analysis, this is a welcome move in the Cardano network, as a price increase to the $2.91 zone will bring it closer to its all-time high (ATH) of $3.09, set in September 2021.
Following prolonged consolidation inside a triangle pattern, Cardano recently saw light at the end of the tunnel, thanks to a significant breakout.
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This is evident in the fact that Cardano is experiencing a weekly increase of 17.2%, according to CoinGecko data.
With a price of $0.72, ADA is staring at the psychological price of $1 with its open interest being in the green after hitting $873.4 million, illustrating heightened market activity and liquidity.
Meanwhile, Cardano is attracting record institutional inflows, surpassing major cryptocurrencies like Solana (SOL), Ethereum (ETH), and Bitcoin (BTC).
Notably, ADA saw month-to-date inflows of $63.3 million, according to data from CoinShares.
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