Cardano price has moved sideways in the past few days and is now stuck at a crucial support level. ADA was trading at $0.3913, down by over 70% from its highest point in December 2024. However, technical analysis suggests that the token may be on the cusp of a strong bullish breakout in the near term. The weekly timeframe chart shows that the ADA price dropped to a low of $0.3355 in December and has hovered at that level since then, coinciding with the ascending trendline that connects the lowest swings since June 2023, a megaphone pattern forming over the years.
The coin is also at the apex of point D of the Elliott Wave pattern, indicating it may be starting the final bullish phase (DE). If this happens, the next target to watch will be at $1.3256, its highest level in December, about 250% above the current level.
ADA has several potential catalysts that may push it higher this year. Hydra, its layer-2 scaling solution, could see more adoption in the next few years. Midnight mainnet is set to launch in the current quarter after the NIGHT token, aiming to advance privacy via zero-knowledge technology. Midnight launches at a time when many cryptocurrency experts are betting on the privacy industry.
Leave a Reply