Cardano Shows Significant Growth
The altcoin ADA by Cardano has risen by 35% over the past seven days and is currently trading around $0.77. Analysts anticipate that ADA may soon reach the $1 mark.

Key Resistance Level at Fibonacci Retracement

According to analyst Josh from Crypto World, ADA is facing resistance at the 50% Fibonacci retracement level, which is between $0.82 and $0.83 on the weekly chart. This level is critical for short-term price movements. If ADA breaks above $0.83 and confirms the breakout with strong candlesticks, it could push toward higher price targets.

Potential for a Bullish Breakout

If Cardano surpasses the $0.83 level, the primary price target lies between $1.12 and $1.23, marked as the golden pocket zone. This range is crucial for further upward movement.

The long-term trend for Cardano remains bullish, with ADA forming higher highs and higher lows, signaling continued positive momentum.

Short-Term Price Pattern

ADA is forming a bullish continuation pattern known as a symmetrical or horizontal triangle. This pattern suggests that the price could continue to rise after a breakout. The short-term target is $0.85, while a larger breakout could result in a 30% to 43% gain, potentially reaching $1.18.

However, a breakout above $0.83 is necessary to confirm this scenario. If ADA fails to breach this level, a short-term price pullback may occur.

Cardano vs. Bitcoin

On the ADA/BTC chart, Cardano recently outperformed Bitcoin and shows strong bullish momentum. ADA has bounced off a key support level, which has historically led to significant bullish moves – as seen at the end of 2019 and early 2021.

Bullish Divergence Signals Growth

A bullish divergence is forming on the ADA/BTC chart, potentially signaling the end of a long-term bearish market against Bitcoin. To confirm that Cardano is entering a new bullish market, the chart must form either a higher low or a higher high.

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