The price of Cardano (ADA) is currently poised above $0.55 as buyers look to recover from this week’s dip in crypto prices amid the spot Bitcoin ETF speculation.
For Cardano bulls, price needs to hold above $0.55 for upside continuation. If that happens, a break to $0.70 could bring $1 into play. According to crypto analyst Captain Faibik, a bullish pennant suggests a potential 30-40% surge in ADA price.
$ADA Bullish Pennant formation..!!
Looks Promising for the Another +30-40% Bullish Rally..📈#Crypto #Cardano #ADA pic.twitter.com/53rYFF5Ws9
— Captain Faibik (@CryptoFaibik) January 2, 2024
But with the altcoin having struggled for upside momentum since the breakdown from $0.70 in May 2022, the likelihood of a breakout could rely more on this broader market sentiment.
Bitcoin’s flip from lows of $41,450 on Wednesday to above $44,000 at the time of writing could help altcoins higher.
Source bittimes
