Cardano's Price Forecast: Achievable Trendline Break with Golden Cross Pushing Price Towards $1.75 Goal
In the world of cryptocurrency, Cardano (ADA) has been making waves with its recent price movements. While specific expectations from significant holders remain elusive, the technical analysis paints a bullish picture for the digital asset.
The golden cross and breakout above the descending trendline indicate an improving momentum for Cardano. This suggests that the dentists are gradually taking control of the market, a positive sign for investors. The technical resilience further reinforces this, hinting at a potential path forward for Cardano's price.
The trendline breakout and golden cross also indicate a shift in momentum in favour of the bulls. This could be a significant turning point, signalling a potential reversal of the previous downtrend.
If ADA can continue to build above the demand zone and eye the $0.97 liquidation trigger, it could flip negative sentiment into fuel for the next move higher. This is particularly interesting given that the Cardano liquidation map shows $90M in shorts at risk if the price extends towards $0.97. A short squeeze above this level could provide the liquidity needed for a stronger upside continuation.
However, it's important to note that Cardano's success in the bullish momentum may depend on its ability to hold key support between $0.85 and $0.87. If it manages to do so, it could be a sign of potential accumulation.
On the other hand, if ADA faces renewed tests of its base due to a slip in sentiment, it may indicate potential challenges ahead. ADA has, however, shown its ability to defend the $0.85 to $0.87 support region, offering some reassurance to bullish investors.
Despite the mixed sentiment, the technical structure still suggests room for optimism about Cardano's price. As always, it's crucial for investors to conduct their own research and make informed decisions based on their risk tolerance and investment goals.
