When Crypto Meets Lol: Cardano’s 😎 Pattern & Trump’s Silence 🤐

by

Oh, the whimsical dance of Cardano price! In the grand theater of the cryptocurrency sell-off, our beloved ADA has not been spared a twirl. The reason? Perhaps the universe awaits the oracle’s wisdom—yes, Donald Trump’s silence on cryptocurrencies. Alas, ADA risks a 20% crash, painting a rather precarious chart pattern.

Double-Top Drama: Cardano’s Chart Takes a Dramatic Turn 🎭

Dear reader, allow me to introduce you to the art of technical analysis—a divination tool for the financial seer. Double-tops and double-bottoms, those mischievous twins of chart patterns, whisper tales of reversal. Recall when ADA formed a double bottom at $0.882, only to stage a bullish revolt, plummeting to $1.16. Yes, you read that right.

Now, Cardano has dared to form a double-top pattern at $1.152, twice failing to soar beyond on January 7 and 17. The neckline of this tragic play rests at $0.882, marking the lowest point on January 13.

And lo! The 100-day and 50-day moving averages are conspiring for a bearish crossover—a grim omen indeed. With a drop below the psychological barrier at $1, one might ponder the coin’s descent to the neckline at $0.882, a mere 8.35% below current levels.

Should the bulls falter and relinquish their final defense, prepare for a plunge to $0.762, a 20% abyss from present heights. Fear not, for salvation lies in a leap above $1.036, canceling this bearish prophecy.

ADA’s Long-Term Target: A Tale of Bullish Redemption 🌈

In the short term, markets teem with cacophony, but Cardano’s long-term charts whisper of gains yet to come.

Behold the weekly chart—a narrative of Cardano’s break and retest (B&R) pattern, as it returns to the pivotal support at $0.807. This price, dear reader, held the highest swing in March last year. A B&R pattern, a sign of continuation, was also the neckline of the triple-bottom at $0.246.

Cardano now weaves a bullish pennant, a flagpole of promise and a triangle of anticipation. As long as it clings to the support at $0.807, this pattern will unfold. A decisive breach above the resistance at $1.326 beckons a flight to the all-time high of $3.15.

Catalysts Galore: Cardano’s Price Surge Anticipated 🚀

What fuels Cardano’s ascent? The Bitcoin price recovery, anticipated by sages, promises a fertile ground for altcoins like ADA. Furthermore, the advent of Midnight scaling solution this year, coupled with integration into BitcoinOS, adds to the intrigue.

Charles Hoskinson’s whispers of partnerships with Terra Luna Classic and Chainlink hint at a vibrant ecosystem in the making. These alliances shall likely elevate Cardano to new heights.

Read More

2025-01-23 16:40