Cardano Price Analysis: Market Trends and Technical Indicators Suggest Imminent Surge

Cardano Price Analysis: Is ADA Ready to Surge Past the $1.3 Barrier?

As we dive into the current market trends and analyze the technical indicators of Cardano’s (ADA) price, it becomes apparent that a significant surge is impending. The cryptocurrency has been consolidating within a wide range on both USDT and BTC pairs, leading us to believe that an impulsive move is just around the corner.

The USDT Paired Chart

Our initial observation points to the development of a bullish flag pattern in the USDT paired chart. The asset’s price action after being rejected from the key $1.2 level in December has led to sideways movement, but not without creating opportunities for an upward breach. With the RSI rising above 50%, the momentum is shifting back towards the upside, paving the way for a potential breakout and subsequent rally beyond the $1.2 mark.

The BTC Paired Chart

Similarly, the ADA/BTC pair has been exhibiting similar price action. Despite failing to reach the 1500 SAT resistance zone, the asset has consistently held onto the 900 SAT support level, precluding a deeper decline. As Cardano’s price begins to regain its bullish state, we can expect it to appreciate against Bitcoin in the coming weeks as it targets the aforementioned mark.

In conclusion, our analysis suggests that Cardano is gearing up for an extraordinary surge past the $1.3 barrier. With technical indicators pointing towards an impulsive move, investors should be prepared for a significant price increase.

Source: cryptopotato.com