📉 Cardano Plunges, But Bulls See Hope on the Horizon

🔻 Cardano (ADA) has been in a freefall for three consecutive days, sinking to a low of $0.90, its lowest price since January 1. This marks a sharp 33% decline from its 2024 high 🚨.

🐋 Whale Exodus Intensifies

Ali Martinez, a prominent crypto analyst on X, revealed that whales offloaded over 70 million ADA tokens, worth approximately $63 million.

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📈 The Bullish Case for Cardano

Despite the recent dip, several factors could fuel a rebound in ADA price:

1️⃣ Bitcoin’s Tailwinds:

ETF purchases ✅

Declining exchange balances 📉

Bullish pennant pattern 📊

A Bitcoin rebound could trigger gains for altcoins like Cardano and Solana.

2️⃣ Upcoming Upgrades:

BitcoinOS Integration: Unlocks a whopping $1.4 trillion in liquidity.

Midnight Project: A scaling solution for the Cardano ecosystem.

3️⃣ Regulatory Optimism:

The incoming Donald Trump administration is expected to take a lighter regulatory stance on crypto. This could pave the way for a spot ADA ETF, potentially injecting institutional capital into Cardano.

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📊 Technical Patterns Signal Gains Ahead

🔺 Bullish Pennant Pattern:

ADA is forming a bullish pennant, which often precedes explosive upward moves.

This pullback appears to be part of the pennant's triangle formation.

🔄 Cup and Handle Formation:

ADA formed a cup and handle with the upper side of the cup at $0.805.

A break-and-retest pattern confirms a bullish continuation signal.

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🚀 What’s Next for Cardano?

The daily chart suggests that ADA could rally toward $1.410, aligning with the 61.8% Fibonacci extension level. This represents a potential 60% upside from current levels 🔥.

With strong technicals and upcoming catalysts, Cardano might see brighter days in the first quarter of 2025. Stay tuned!

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⚠️ Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

Source : CNBC News

#ADA $ADA