Ccardano (ADA) Price Builds Momentum as Breakout Targets $1.50
- Despite a 12% weekly decline, ADA has maintained a crucial support level, signaling potential for recovery.
- Daily active addresses surged to 50,828, reflecting increased engagement and interest in the Cardano ecosystem.
- ADA is consolidating within a symmetrical triangle, with a breakout possibly pushing prices toward $1.33 and $1.50.
- Strong support and rising network activity suggest ADA could be gearing up for a bullish continuation.
Cardano (ADA) is demonstrating resilience despite experiencing a 12% decline over the past week. The cryptocurrency has successfully held above a crucial support level, signaling the potential for a recovery and a bullish continuation towards higher price targets.
At the time of writing, Cardano is trading at $0.985736, with a 24-hour trading volume of $1.82 billion, a market capitalization of $34.67 billion, and a market dominance of 0.96%. Over the last 24 hours, ADA has recorded a -1.80% decline, reflecting ongoing market fluctuations.
Cardano Network Activity Signals Strength
Despite recent price declines, on-chain data suggests that Cardanos network activity remains strong. Crypto analyst Ali Martinez highlighted a significant surge in daily active addresses, which have climbed to 50,828. This increase in user engagement suggests growing interest and usage of the Cardano network, which could contribute to upward price momentum.
ADA Breakout Could Trigger Rally Toward $1.50
From a technical standpoint, crypto analyst Jonathan Carter has pointed out that ADA is currently holding firm at the lower boundary of a symmetrical triangle pattern on the daily chart. This pattern typically indicates a period of consolidation before a breakout in either direction.
The current support level is holding strong, providing a solid foundation as bullish momentum builds. If ADA breaks above the upper resistance of the symmetrical triangle, it could trigger a significant price rally. A confirmed breakout may push ADA towards $1.33 and $1.50, marking a substantial recovery from its recent decline.
Cardanos ability to maintain support levels, coupled with increasing network activity, suggests that the cryptocurrency is gearing up for its next leg up. While market conditions remain volatile, a confirmed bullish breakout could pave the way for higher price targets in the near future.
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Read more: https://www.tronweekly.com/ccardano-ada-price-builds-momentum-as-breakout-targets-1-50/
Text source: TronWeekly
