Cardano price forms an unusual chart - Santa Claus rally has closed?
Cardano price forms an unusual chart - Santa Claus rally has closed?
#Cardano price is up 3.68% today and looks more bullish. Although this momentum seems to lack the conviction seen earlier this month, which reduces the bullish outlook.
This has led to increased volatility in weekly trading. Having retreated from the significant gains made earlier in the week, the top-ranked #altcoins are now trading in a narrow range, although they are still up 8.83%.
This stagnation is all the more
Cardano price analysis: could a Santa Claus rally be on the cards?
the Cardano price stagnation may be related to the bullish pattern pennant, which has been forming since the beginning of November.
#ADA / USDT 1D Chart, bullish pennant pattern. #Binance Cardano's price is bounded by upward resistance, but is now approaching the confluence, indicating that a breakout is imminent. If this pattern materializes, Cardano will be on its way to a breakout to USD 2, which will last until 2025.
However, barriers remain. While the Relative Strength Index (RSI) remains neutral but bullish at 57, the MACD line is still below the signal line, indicating that control is still in the hands of the bears.
For Cardano to breakout, trading volumes need to increase significantly, and this will require broader market support. Broader market support will be needed to overcome technical challenges.
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