Date: Fri, Jan 24, 2025, 05:18 PM GMT
The cryptocurrency market has experienced a correction after a major rally from November to mid-December. However, recent developments, such as the inauguration of Donald Trump, have reignited bullish momentum. Bitcoin (BTC) reached its all-time high recently at $109K, and just yesterday, President Trump signed an executive order to create a national digital asset stockpile, further boosting market sentiment.
Amid this surge, Cardano (ADA), one of the leading altcoins, has gained traction. A chart analysis by prominent crypto analyst @WorldOfCharts1 highlights a bullish outlook for ADA.
Source: Coinmarketcap
Analyst Insights
The analyst shared insights into Cardano’s stellar rally in November, during which it achieved a remarkable 3x (+300%) gain, soaring from $0.33 to a high of $1.31. This move came after a significant breakout from a long-standing symmetrical triangle pattern.
Cardano (ADA) 3D Chart/Source: @WorldOfCharts1
Currently, the analyst has identified a similar bullish setup for Cardano. ADA is consolidating within a bullish pennant pattern and is trading at $0.99.
Cardano (ADA) 6H Chart/Source: @WorldOfCharts1 (X)
The setup indicates that ADA is gearing up for a significant move, having rebounded strongly from the pennant’s support at $0.96. It is now approaching the upper resistance trendline. If a breakout occurs, analysts anticipate that ADA could rally toward the $2 level, effectively doubling its current price.
Market Momentum
With the overall market turning bullish due to favorable developments like President Trump’s executive order, ADA’s chances of repeating its November rally seem plausible. If Bitcoin maintains its strength, altcoins like ADA could follow suit, amplifying gains for investors.
Conclusion
Cardano (ADA) has demonstrated its potential for explosive growth in the past, and current chart patterns indicate it may be gearing up for another rally. While no guarantees exist in the crypto market, the combination of bullish technical setups and market sentiment offers an optimistic outlook for ADA.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
