Cardano

bullish

2024

<ul class="wp-block-list"> 
 <li>Analyst predicts Cardano breakout to $0.90</li> 
 <li>ADA forms bullish symmetrical triangle pattern</li> 
 <li>Network TVL surges 130% since US election day</li> 
</ul> 
<p>Crypto analyst Dan Gamberdello has <a href="https://x.com/cryptorecruitr/status/1858771358366290380" target="_blank" rel="noreferrer noopener">unveiled </a>a bullish forecast for Cardano (<a href="https://thenewscrypto.com/?s=ADA" target="_blank" rel="noreferrer noopener">ADA</a>), projecting a breakout to $0.90 following the asset’s recent consolidation phase. The prediction comes as ADA shows strong technical formation despite a temporary cooling in its recent rally.</p> 
<h2 class="wp-block-heading" id="h-cardano-technical-pattern-suggests-imminent-breakout">Cardano Technical Pattern Suggests Imminent Breakout</h2> 
<p>The ninth-largest cryptocurrency, currently trading at $0.73, has retraced 9.7% from its November 16 multi-year high of $0.8117. However, Gamberdello identifies this pullback as a strategic rest period, highlighting the formation of a bullish symmetrical triangle on the 4-hour chart.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Cardano took a rest for a couple days, putting in really nice structure, pulling into the green 20 day moving average.<br><br>Now at apex of symmetrical triangle.<br><br>.90 upward target if it breaks up. <a href="https://t.co/8rBrffuHVE">pic.twitter.com/8rBrffuHVE</a></p>— Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1858771358366290380?ref_src=twsrc%5Etfw">November 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>“<a href="https://thenewscrypto.com/?s=cardano" target="_blank" rel="noreferrer noopener">Cardano </a>has established a really nice structure, pulling back to the green 20-day moving average,” Gamberdello noted, projecting a potential 21.6% surge upon breaking out of the pattern.</p> 
<p>Supporting the technical outlook, Cardano’s network metrics have shown remarkable improvement. DeFiLlama data reveals a dramatic surge in Total Value Locked (TVL), jumping from $199 million on election day to $457.9 million, marking a 130% increase.</p> 
<p>The Cardano ecosystem has witnessed unprecedented social activity, approaching 2 billion impressions on X. This surge in social engagement coincides with growing developer activity and network adoption.</p> 
<p>With a current market capitalization of $26.1 billion, Cardano’s position among the top cryptocurrencies remains strong. The combination of technical formation, growing TVL, and increasing social presence suggests the potential for continued upward momentum toward the projected $0.90 target.</p>

Cardano Eyes $0.90 Target as Network Metrics Show Growing Strength

Table of Contents

TheNewsCrypto

Other articles published on Nov 19, 2024

Bitcoin Now 8th Largest Asset, Surpassing Silver and Meta

Quantoz Unveils MiCA-Compliant Stablecoins USDQ and EURQ Backed by Tether and Kraken

Bitcoin Price Stabilizes While Altcoins Prepare for Potential Gains

BlackRock Secures Abu Dhabi License to Expand Middle Eastern Presence

This Chart Shows Why $6 Is Pessimistic Prediction for ADA Price: Reveals When Cardano Will Peak

Which is the Best Investment? Crypto Community Debates XRP vs XLM

Join our free newsletter for daily crypto updates!