The price of Cardano was one of the main beneficiaries of the positive momentum that was injected into the market after US President Donald Trump announced a strategic coding reserve. On Sunday, March 2, Altcoin increased by almost 60 % within two hours after examination.
While the price of Cardano has maintained a good percentage of gains in the early week, it has witnessed a moderate decline in the past week. Interestingly, the current price preparation indicates that the cryptocurrency may soon resume its upward path and travel to high levels of the cycle.
What is the following for the ADA price in this course?
In a video on March 7, it was posted on the X platform, the famous encryption analyst Ali Martinez open How can ADA enter the fresh bull rally to the highest new level in the current cycle. According to Crypto Pundit, the ninth cryptocurrency can still operate the brand $ 2.
The logical basis behind this upward prediction is the formation of an expanded wedge in the right corner, and expanding its scope on the daily time frame of ADA prices. A Expanding training It is a technical analysis style that is usually characterized by different directional lines; Rising upper direction line (connects a series of upper highlands) and low lower direction line (connects low levels).
Source: @ali_charts/X
However, as shown in the above chart, the expanded spacious pattern in the ADA daily scheme has specifically contains a horizontal upper direction line (right angle) and the falling direction line. In any case, tThe graph pattern is usually associated with a period of increased price fluctuation (or large price procedures).
While the expansion patterns are often a declining plan composition, they sometimes indicate the rise of fluctuations without a clear indication of the next price direction. However, the current composition, which has continued since December 2024, appears to be optimistic about Cardano.
Martinez said Altcoin seems ready to move a large price to the upward trend. However, the analyst pointed out that the ADA price will need to overcome the main resistance level (about $ 1.14) in the horizontal trend line before confirming the upscale collapse.
If Cardano succeeds in violating and closing this resistance level, its price may be more than twice as much as the next few weeks. Martinez set the target price for ADA at $ 2, which represents an increase of more than 140 % of the current price point.
Cardano price at a glance
After exceeding $ 1.1 at the back of the strategic encryption reserve news earlier, the ADA price returned to less than one dollar. Until this writing, the price of Cardano is about $ 0.82, which reflects a decrease of more than 4 % in the past 24 hours.
The price of ADA on the daily timeframe | Source: ADAUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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The post Cardano Price Could Be On Its Way To $2 — Here’s How first appeared on Investorempires.com.
