• Cardano prices have been inflated ever since the beginning of the yearly trade and hence believed to maintain the flow towards the north for another few weeks ahead.
• Crypto prices today have been largely bullish with most of the tokens marking significant gains. Alongside, Cardano’s price also gained levels beyond $0.3 amid the bullish breakout that occurred during the past few days.
• The next price target for the price of Cardano could be around the 4th resistance that collides around the levels of $0.38.
Cryptocurrency prices have been largely bullish in the past few days, with most tokens experiencing a significant surge in value. Cardano (ADA) is no exception, with its price having recently broken through the $0.3 mark. This bullish breakout is set to be an important development for the token, as it could potentially pave the way for a 2021-like bull rally.
The ADA price has seen a clear breakout in the short-term trade setup, and is now testing new support levels which reside on 0.5 FIB levels. Additionally, the price is forming a cup & handle pattern, which suggests a potential bullish breakout. The next price target for the Cardano token could be around the 4th resistance level of $0.38. However, the bears may pose a strong resistance at these levels, which could lead to a significant drop.
In order to gauge whether Cardano is set to experience another bull rally or not, it is important to look at the historical performance of the token. Cardano prices have been steadily increasing ever since the start of the year, which could be a sign that the token is set to maintain its northward trend for the next few weeks.
Furthermore, the recent bullish breakout may be indicative of the token’s ability to break through resistance levels and achieve new highs. This could be a sign that Cardano could be gearing up for another bull run, similar to the one experienced in 2021.
Despite the bullish outlook for the token, it is important to keep in mind that the cryptocurrency markets are highly volatile and subject to sudden changes in direction. Therefore, investors should exercise caution when investing in Cardano, and monitor the price movements of the token closely.