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Cardano is showing signs of forming a double bottom, which might mean it’s ready for a bull run to challenge the overhead trendline. This raises the question: will this rally push Cardano to $1?<img src="https://academy-public.coinmarketcap.com/optimized-uploads/77d3cd29120844ae93573b436a3ca95b.png" />Cardano has been losing value for months, dropping 54% from $0.81 in April to $0.37, after facing resistance at $1. It’s trapped in a declining triangle pattern with support at $0.34, struggling to break free and <a href="https://cryptosheadlines.com/hong-kong-real-estate-market-moves-towards-tokenization/" rel="noopener noreferrer nofollow">move towards</a> the $1 target.<h3 id="cardano-s-market-activity-and-potential-bullish-reversal">Cardano’s Market Activity and Potential Bullish Reversal</h3>Cardano is currently in a negative cycle, taking support from the baseline at $0.34 in the daily chart. Despite a 13% drop this week, ADA is up by 1.65% today and is trading at $0.370.With a market cap of $13.34 billion, Cardano is the tenth biggest cryptocurrency. However, Coinglass reports that nearly $2.5 million worth of bullish positions were liquidated over Thursday and Friday.The lower price rejection in the intraday candle hints at a <a href="https://cryptosheadlines.com/shiba-inu-shib-resets-for-potential-bullish-comeback/" rel="noopener noreferrer nofollow">potential bullish</a> recovery over the weekend. Additionally, the support level at $0.34 has historically provided a cushion for a bounce back.The daily RSI line shows a bullish divergence, supporting the possibility of a bullish cycle. However, the MACD and signal lines continue to trend bearish, with a rise in negative histograms.<h3 id="cardano-s-potential-for-a-bullish-reversal-and-breakout">Cardano’s Potential for a Bullish Reversal and Breakout</h3>With a bullish divergence at play, Cardano’s recovery rally is likely to pick up pace next week, increasing the chances of a breakout above the overhead trendline.Using the Fibonacci retracement over the correction run, the 50% Fibonacci level at $0.56 serves as a potential target for a breakout rally. Beyond this, the bullish reversal could complete a rounding bottom reversal with a neckline at the $0.775 peak.Therefore, a <a href="https://cryptosheadlines.com/aave-targets-150-amid-market-correction-will-the-bull-run-last/" rel="noopener noreferrer nofollow">bull run appears likely for Cardano as the market</a> recovers. However, the uptrend may not reach the $1 mark this quarter. According to the same Fibonacci retracement, the 1.618 Fib level at $1.041 is a potential target for this year.<a href="https://cryptosheadlines.com/best-altcoin-to-buy-in-2024-hederas-bullish-trends-and-strategic-partnerships/" rel="noopener noreferrer nofollow">Also Read: Best Altcoin to Buy in 2024: Hedera’s Bullish Trends and Strategic Partnerships</a>Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Cardano Eyes $1: Potential Double Bottom and Trendline Breakout

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