Will Cardano Price Soar 111% After CME FedWatch Tool Predicts 99.5% Chance Of No Cuts?

• Cardano price is forming a symmetrical triangle, a bullish pattern that could trigger a breakout above $1.32, with analysts eyeing a potential rally toward $2.
• The CME FedWatch Tool indicates a 99.5% probability that the Federal Reserve will keep interest rates unchanged.
• Coinglass data shows traders are placing more long positions on ADA, with rising volume and a neutral RSI (41.94) signaling increased buying pressure.

Cardano price is at a critical juncture as the CME FedWatch Tool signals a 99.5% probability that the Federal Reserve will keep interest rates unchanged. With no imminent rate cuts, risk-on assets like the cryptocurrencies may resume their previous ascent, benefiting from market stability.

ADA price hovered around $0.92 during pre-market New York trading session, signaling a 0.32% increase in the last 24 hours. Cardano currently trades below a key resistance level as investors are questioning whether bullish momentum can push its price toward the elusive $2 mark.

Cardano Price Eyes Recovery as FED Likely to Leave Rates Untouched

The Federal Reserve is expected to release its decision on interest rate changes at 2:00 PM ET on January 29. According to the CME FedWatch Tool,  which acts as a barometer for market participants to gauge the markets’ expectation of potential changes to the fed funds target rate, the Federal Reserve has a 99.5% chance of leaving interest rates untouched.

No rate hike or cut means that borrowing costs won’t increase, which can support crypto market stability in the short term. However, the expectation of eventual rate cuts could drive long-term accumulation of Bitcoin and other major cryptos.

Cardano price action looks primed for the FOMC decision and technical indicators suggest the asset could soar over 100% if the Fed leaves interest rates unchanged.

Data from Coinglass suggests traders are bidding more Cardano than they are selling. The ADA exchange liquidation map shows there is more long liquidation leverage compared to short liquidation leverages.

ADA Price Analysis: Will It Hit $2?

Cardano price chart shows a symmetrical triangle pattern, indicating potential breakout in either direction. The price has been consolidating inside the triangle, with higher lows and lower highs.  The triangle is also part of a bull pennant in the 3-day timeframe, which tilts ADA price forecast from neutral to bullish.

Cardano sports key support levels around $0.70 and a resistance at $1.32, the previous high and psychological level.

The recent price action suggests a potential bullish breakout from the symmetrical triangle, confirmed by increasing volume.

The Relative Strength Index is currently at 41.94, indicating neutral to slightly oversold conditions. Increasing volume suggests strong buying momentum rising.