The Cardano price is up 15% this week, trading above $0.71 at press time. ADA holders can be fairly happy with this considering 15% is the biggest gain alongside DOGE outside of top 10 cryptos per market cap.
Popular analyst ‘Javon Marks’ took the time to talk to his 54k followers on X about ADA.
What you'll learn 👉
History Repeating? Cardano’s Triangle Patterns
Cardano’s price chart shows a clear pattern that has happened several times. These patterns are called descending triangles. After each triangle, the price has shot up dramatically.
The first triangle formed between May and December 2022. The Cardano price moved in a downward pattern for months. Then, instead of dropping further, the price suddenly jumped up, reaching new highs by early 2023.
A second triangle appeared from January to July 2023. Again, after months of moving sideways, the price broke upward. This rally didn’t last as long, and the price soon fell back.
Now, we’re seeing a third triangle that started in late 2023. The price has recently pushed toward the upper boundary, suggesting another breakout might be coming soon.
ADA Price: Support and Resistance Levels
Each triangle has important support levels where the price tends to bounce back up. The most recent support zone is between $0.45 and $0.50, which has held strong throughout 2024
The upper lines of these triangles act as resistance that the price struggles to break through. Right now, the ADA price is approaching a key resistance level around $0.70 to $0.75.
Trading volume has been increasing as ADA nears potential breakout points. More people are buying, which could fuel another big price move. After previous breakouts, the volume increased even more, showing strong interest in the coin.
In his tweet, Marks points out that “Cardano is pushing majorly towards another BREAKOUT and the last resulted in a nearly +300% gain!” He’s referring to the similar pattern we’ve seen before, where triangle breakouts led to massive price increases.
Based on his analysis, Marks sees a potential price target between $2.70 and $2.91. This would be a gain of about 261% from current levels.
Read also: Can Cardano (ADA) Hit $3 in 2025? Here’s What the Data Suggests
Cardano Price Prediction
If ADA breaks above the current resistance around $0.70, it could quickly move toward those higher target levels. This would mirror what happened after previous triangle patterns.
However, if the price fails to break through and falls back into the triangle, we might see another period of sideways movement or even a drop back to support levels around $0.45-$0.50.
The Cardano chart pattern and increasing trading volume suggest ADA might be getting ready for a big move. But to reach the projected targets, it would need strong buying interest and continued high trading volume.
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