Cardano Price Forecast: Golden Cross Indicator and Trendline Breach Signal Aim for $1.75 Goal
In the world of cryptocurrency, Cardano (ADA) has been making waves recently. According to analyst Ali Martinez, the technical structure of Cardano still suggests room for optimism, despite a handful of analysts remaining bullish.
The Cardano price has just confirmed a golden cross on its daily chart, a classic bullish indicator. This signals a potential shift out of a prolonged downtrend into a recovery phase. The golden cross, when accompanied by a breakout above the current level of $0.876, could accelerate due to the cluster of liquidation points just above this range.
The Cardano liquidation map highlights over $90M in shorts vulnerable if price extends towards $0.97. The possibility of a short squeeze above this level could provide the liquidity needed for ADA to move towards its next targets.
The breakout comes after several failed attempts, making this move more significant. ADA is now pressing against zones that could trigger a wave of short liquidations. If buyers manage to absorb supply and force shorts to cover, it could act as the catalyst for a stronger upside continuation, strengthening the bullish structure already forming.
The technical resilience suggests the bulls still have a path forward in the Cardano Price Prediction outlook. If Cardano maintains above the $0.82 to $0.85 zone while keeping the golden cross intact, the path remains favorable for a move towards higher targets.
From a certain perspective, the upside projection targets the 0.786 retracement level near $1.75. However, if sentiment slips further, ADA may face renewed tests of its base.
It's worth noting that the ability to hold key support between $0.85 and $0.87 will likely determine whether Cardano's bullish momentum plays out successfully. ADA has defended the $0.85 to $0.87 support region, suggesting accumulation despite mixed market sentiment.
The reclamation of its major descending trendline further solidifies the improving momentum for Cardano. This shift in market sentiment could be a positive sign for the future of Cardano, indicating a potential recovery and bullish momentum.
In conclusion, the golden cross and the breakout above the descending trendline indicate a promising outlook for Cardano. While there are potential challenges ahead, the technical resilience and the recent breakout suggest that the bulls still have a path forward in the Cardano Price Prediction outlook.
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