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Cardano aims for $1.3 as price consolidates

Cardano aims for $1.3 as price consolidates

GrafaGrafa2025/01/16 05:10
By:Mahathir Bayena

Cardano's (CRYPTO:ADA) price has been consolidating within a wide range against both USDT (CRYPTO:USDT) and BTC (CRYPTO:BTC), indicating a potential upcoming movement.

On the USDT paired chart, Cardano has been trading sideways within a bullish flag pattern after facing rejection at the critical $1.2 level in December.

Despite this setback, the presence of a $0.75 support zone has prevented a complete downturn.

The Relative Strength Index (RSI) has risen above 50%, suggesting renewed bullish momentum that could lead to a breakout above the flag and a rally past $1.2 in the near future.

In the ADA/BTC pair, similar price action is observed.

The market has struggled to reach the 1500 SAT resistance zone but has consistently found support at 900 SAT, preventing further declines.

As the price trends back toward a bullish state, ADA is expected to appreciate against BTC in the coming weeks, with a target of reaching 1500 SAT.

Current trading data shows Cardano at approximately $1.04, reflecting a 4.58% increase from previous sessions.

Analysts note that if ADA can maintain momentum above $1, it may aim for higher targets of $1.15 and $1.32.

However, failure to sustain above this level could prompt renewed selling pressure, testing support levels at $0.87 and $0.76.

Market conditions remain influenced by broader cryptocurrency trends and regulatory developments.

As noted, "ADA must sustain momentum above $1" to avoid reverting to previous ranges.

At the time of reporting, the Cardano (ADA) price was $1.05.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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