The price of Cardano increased by 15 % this week, trading over $ 0.71 at the time of the press. ADA holders can be somewhat happy with this 15 % considering is the largest gain alongside Duji outside the best 10 encryption per ceiling of the market.
The famous analyst “Javon Marks” took the time to speak with his 54,000 followers on X around ADA.
History repeats? Cardano Triangle styles
Cardano price chart shows a clear pattern that has happened several times. These patterns are called descending triangles. After each triangle, the price increased dramatically.
The first triangle formed between May and December 2022. The price of Cardano moved in a declining style for several months. Then, instead of declining, the price suddenly jumped, and reached new levels by early 2023.
A second triangle appeared from January to July 2023. Once again, months after moving sideways, the price separated to the top. This gathering did not last for a long time, and the price soon decreased.
Now, we see a third triangle that started in late 2023. The price recently paid towards the upper borders, indicating that there is another outbreak soon.
ADA price: support and resistance levels
Each triangle has important support levels as the price tends to bounce. The latest support zone ranges between $ 0.45 and $ 0.50, which was designed strong throughout 2024
The upper lines of these triangles act as a resistance that the price is struggling to penetrate. Currently, the Ada price is approaching the main resistance level from $ 0.70 to $ 0.75.
The trading volume increased with Ada approaching potential penetration points. More people buy, which may provide another big step. After a previous escape, the volume increased more, which indicates a strong interest in the currency.
In a tweet, Marx refers to this “Cardano is greatly pushed towards another outbreak, and the latter has resulted in approximately 300 % of 300 %!It refers to the similar pattern that we have seen before, as the triangles fugitives led to a huge increase in prices.
Based on his analysis, Marx sees a potential goal of the price ranging from $ 2.70 and $ 2.91. This will be about 261 % of the current levels.
Also read: Can Cardano (ADA) reach $ 3 in 2025? Here is what the data suggests
Cardano prediction
If ADA collapses over the current resistance about $ 0.70, it may move quickly towards those target levels. This would reflect what happened after the previous Triangle patterns.
However, if the price fails to penetrate and return to the triangle, we may see another period of side movement or even a decrease to support levels between $ 0.45 to $ 0.50.
Cardano Chart and increased trading volume indicates that ADA may prepare for a large movement. But to reach the expected goals, it will need a strong interest in buying and continuing the high trading volume.
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