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02/19/2024

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Here is the Cardano Bull Market Set-Up: Decode the ADA Breakout Targets

Cardano rose and sustained above $0.6 during the past weekend, as the bulls appear to have started utilising their accumulated strength. With the technicals flipping in bullish favour, the ADA price is believed to maintain a huge upswing, intending to mark new highs after setting up a fresh bull run

Here is the Cardano Bull Market Set-Up: Decode the ADA Breakout Targets
cardano rally

After consolidating for quite a long time, the Cardano price triggered a 15% jump in the past few days, which has elevated the levels beyond $0.63 at the moment. The current price rise does not appear to be a short-lived one, as the bulls appear to be poised to break above the pivotal levels and head towards new highs. Besides, the technicals have also turned bullish in the long term as the ADA price surged past key resistance levels, suggesting the third-generation token is poised for growth. 

Cardano is among the blockchains that have demonstrated strong fundamentals, which have kept the holders optimistic about the impending trend. Recently, the platform recorded new statistics with more than 160% YoY change in the TVL, reaching a record-breaking $450 million, which suggests a rapid expansion of the DeFi ecosystem over the Cardano network. Beyond fundamentals, technicals also suggest an upside potential for the ADA price. 

The ADA price was trading under a deep correction period, which was followed by an ascending consolidation. The bulls were displaying strength but the bears also extracted profits, keeping the levels below the key resistance. However, the recent price action suggests the token is preparing its journey to $1, as the Gaussian Channel just turned bullish in the long term. 

The Gaussian channel is a momentum indicator that suggests the next possible trend of the token. After remaining bearish since the start of 2022, the ADA price surged above the bands, suggesting a rise in volatility levels. Last time, when the channel flipped bullish, the price soared by more than 2200%, which resulted in forming a new ATH above $3. If a similar pattern repeats, then Cardano’s price may achieve levels above $10 in the next few months. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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