Cardano Bulls Charge 🐂 – Price Structure Points to Breakout
Lorri Shahinfar WjZy
Updated at: 2 hours ago
{"content":"Cardano Bulls Charge 🐂 – Price Structure Points to Breakout
Cardano (ADA) prices fell 3.49% last week amid a crypto market downturn. After this substantial negative action, the popular cryptocurrency trades around $0.90. A prominent market guru has proposed a daring optimistic notion that Cardano may be about to take off.
ADA Price Structure Suggests Bull Launch Technical analysis of the Cardano market suggests a big price move based on previous price behavior and Fibonacci extension levels. Martinez's study reveals that ADA crested between the 1.000 and 1.272 Fibonacci extension in its last bull run and has similar technical structure this time around.
By comparing Fibonacci ratios to past market activity, the Fibonacci extension tool is extensively used to find price goals. ADA rose from $0.018 in early 2020 to $3.10 in 2021 when Cardano's last cycle peaked.
AT $1.15, ADA is consolidating at the 0.618 extension level. These zones have traditionally been strong opposition and support, making them crucial battlegrounds for bulls and bears. Martinez expects momentum to expand into higher Fibonacci extension objectives, particularly $3-$6 if ADA breaks over $1.15.
It would need a 200% increase to achieve the $3 barrier that matches the 1.000 extension level. At the top end of the estimate around $6, Cardano would be back in competition with its 2021 highs, which line with the 1.272 Fibonacci extension level.
Cardano (ADA) is down 0.41% in 24 hours to $0.89 as selling pressure mounts. Daily trading volume has plummeted 49.53%, indicating weakening trader activity.
Ali Martinez reports that around 530 million ADA ($472 million) was offloaded by whales in the previous 72 hours. Large-scale selling generally signals profit-taking or repositioning by key investors, boosting pessimistic sentiment.
Even yet, ADA is the 10th biggest cryptocurrency with a $31.80 billion market valuation.
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