Cardano price has seen a stop-start performance over the past week, with bulls struggling to stay above the $0.60 price level. This comes at a time when Bitcoin, the leading cryptocurrency, is losing some of its recent gains.
Interestingly, a popular cryptocurrency analyst at
Will ADA price rebound to $0.70?
In a recent post on the As highlighted in Martinez’s chart, ADA token appears to be trading within a descending triangle pattern on lower time frames.
A descending triangle is a chart pattern with a flatter downward trend line and a horizontal trend line. A descending triangle shape on a price chart signifies a bearish pattern for any cryptocurrency. However, these falling patterns can help signal a change in trend and a potential surge in asset values.
Chart showing Cardano price within a descending triangle pattern | Source: Ali_Charts/X
In his latest analysis, Martinez hypothesized that the current chart pattern could push ADA price higher in one of two ways. In particular, the cryptocurrency analyst pointed out that Cardano price could show strength in the near future.
In this scenario, Martinez noted that a sustained close above $0.638 could signal strength for the ADA price. According to a cryptocurrency analyst, the value of the altcoin could rise to $0.70, an increase of almost 15% from its current price.
However, Ali Martinez warned investors to “keep a close eye” on the horizontal trendline of the triangle chart pattern, marked by support at $0.613. “Weakness at this level could undermine ADA’s bullish momentum,” the cryptocurrency expert warned.
Cardano price overview
At the time of writing, the price of Cardano is $0.6127, reflecting a 3.9% price decline over the last 24 hours. Although ADA’s bullish momentum appears to be waning, the altcoin has maintained most of its gains over the past few weeks.
ADA is up more than 6% over the past seven days and is up nearly 60% in December, according to data provided by CoinGecko. With a market capitalization of over $21.46 billion, the Cardano token is the 8th largest asset in the cryptocurrency sector.
Cardano price pulls back towards $0.60 on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image by Solodev, chart by TradingView
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