Lorenzo Stroe
Independent Analyst
- Cardano price is contained inside a broadening wedge pattern on the daily chart.
- The digital asset has defended a key support level and aims for a significant rebound.
- ADA remains significantly bullish in the short and long-terms.
Cardano had a massive rally in 2021 and remained in a daily uptrend despite the recent sell-off. Now, after ADA bulls held a key support level, Cardano is ready for a new leg up, potentially to new all-time highs above $1.48.
Cardano price primed for a bounce to $1.6
Cardano price held the lower trendline support of the broadening wedge pattern and seems ready for a rebound towards the upper trendline. The long-term price target for the buyers will be $1.6, at the top of the pattern.
ADA/USD daily chart
The In/Out of the Money Around Price (IOMAP) chart adds a lot of credence to this theory as it shows no significant resistance levels above $1.2 and a robust support level between $1.13 and $1.16, which coincides with the lower trendline support of the wedge pattern.
ADA IOMAP chart
Losing the crucial support level of $1.13 would be a breakdown of the ascending broadening wedge pattern, which can drive Cardano price down to $0.7 in the long-term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025
The adoption of cryptocurrency-related financial products, including tokenized treasuries, is on overdrive globally, with the focus now shifting to robust networks such as Ripple's XRP Ledger (XRPL).
Sei rallies as Wyoming selects protocol for WYST stablecoin pilot
Sei extends gains above $0.21, decoupling the token from the broader crypto market amid low sentiment and macroeconomic uncertainty. The Wyoming Stable Token Commission selects Sei Network as a candidate blockchain for the WYST, the first fiat-backed stablecoin issued by a US state.
Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat
Bitcoin bulls step up, pushing the price above $106,000, as Trump said he would delay his decision about launching strikes on Iran for up to two weeks. Ethereum rebounds from the 200-day EMA support at $2,477 amid steady interest in the derivatives market.
Solana eyes trend reversal as bearish momentum bottoms out above $140
Solana experiences a minor uptick of under 1% at press time on Friday, with multiple long shadow candles forming above $140 as bearish momentum fades off. The optimism surrounding Solana is on the rise, as evidenced by the SOL Open Interest reaching a weekly high.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.