Cardano is consolidating within a triangle pattern, with the triple-bottom base serving as the foundation.
ADA’s strong performance against BTC has been one of the top highlights, positioning it among the top five cryptocurrencies that outperformed BTC.
In addition, ADA is consolidating within a triangle pattern, with the triple-bottom base serving as the foundation. The descending trendline has resisted recent price highs, but a breakout above this pattern could propel ADA higher.Using the Fibonacci retracement tool, if ADA breaks and stays above the 50% retracement level, it would signal a shift in sentiment and invalidate the current bearish outlook that has dominated the market for the past five months.
Additionally, the cumulative volume index has been steadily increasing, reaching $401 billion, indicating strong market participation and supporting the case for higher ADA prices.Looking at on-chain data, particularly addresses by time held, we see that ADA’s long-term holders, known as “Hodlers,” are showing optimism for the future.
Cardano’s open interest in futures contracts at the $0.35 price level remains stable at $190.98 million.
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