- The Aroon indicator signaled a possible rise to $0.60 in the short term.
- ADA formed a descending triangle, indicating a possible stop to the lower highs.
- ADA’s price pulled back from $0.53 but the bullish bias has not been invalidated.
According to crypto analyst Ali Martinez, Cardano (ADA) could be ready to make a 32% rally to $0.68. Martinez mentioned this in a post dated February 8. The analyst gave reasons for his prediction using the trend displayed on the ADA/USDT daily chart.
Based on the chart he shared, Cardano has formed a descending triangle that could close above $0.53. He added that if the price does not drop below the said value, ADA could climb to $0.68 in the short term.
#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI— Ali (@ali_charts) February 8, 2024
The above-mentioned descending triangle implied that ADA had formed a bearish pattern characterized by a descending upper trendline and lower highs that were horizontal.
This pattern usual…
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