The Cardano (ADA) price bounces ahead of Cardano Buidler Fest
The price of Cardano (ADA) has experienced a bounce this week, possibly in anticipation of the upcoming Cardano Buidler Fest. Currently, ADA is trading above a horizontal resistance area but below a short-term descending resistance trend line.
Cardano Breaks Out From Long-Term Range
Analysis of the weekly time frame shows that ADA has been trading within a long-term horizontal range since November 2022. This range has been tested and confirmed multiple times. In October 2023, the ADA price began a rapid upward movement, breaking out from the range the following month and reaching a high of $0.68 in December.
Although the price has fallen since then, it recently bounced at the top of the range, forming a bullish candlestick pattern.
The First Cardano Buidler Fest Commences
The Cardano Community has announced the start of the first Cardano Buidler Fest. This two-day event provides an opportunity for Cardano builders to connect and share ideas. The goal of this recurring event is to bridge the gap between individuals involved in building with Cardano and blockchain technology.
ADA Price Prediction: Where to Next?
Technical analysis of the daily time frame suggests that ADA’s upward movement is likely to continue. The Elliott Wave theory indicates that ADA has entered the fifth and final wave of a five-wave increase, with wave four ending on January 8. Additionally, the daily RSI has broken out from its trend line, which often precedes upward movements.
If ADA breaks out from its resistance trend line, it could reach a top area around $0.81, representing a 40% increase from the current price. However, regression below $0.50 would invalidate the bullish count and potentially lead to a 35% drop to the closest support at $0.38.
Hot Take: ADA Price Shows Potential for Further Growth
The recent bounce in the Cardano (ADA) price, coupled with the upcoming Cardano Buidler Fest, indicates that there is potential for further growth in ADA. Technical analysis suggests that ADA’s upward movement is likely to continue, with a possible target of $0.81 if it breaks out from its resistance trend line. However, a regression below $0.50 could invalidate the bullish count and lead to a significant drop in price. As always, it’s important to conduct your own research and consult with professionals before making any financial decisions.
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